Multiple Choice
Which of the following statements about IRAs is false?
A) Withdrawals made after age 59-1/2 are taxed as ordinary income in the year they are received.
B) Only deductible contributions and tax deferred interest paid out during retirement are taxed as income.
C) Early withdrawal from an IRA causes a 20% tax penalty to be incurred.
D) Withdrawal of IRA funds must begin by age 70-1/2.
Correct Answer:
Verified
Correct Answer:
Verified
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