Practice Quiz

Financial Planner

Category - Retirement Savings and Income Planning

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What type of IRA is not subject to minimum distribution rules until the death of the owner?
  1. Traditional IRA
  2. Roth IRA
  3. Kipling IRA
  4. Retirement IRA
Explanation
Answer: B - The Roth IRA is not subject to minimum distribution rules until the death of the owner. Contribution eligibility is not restricted by active participation and can be made after the age of 70 ½. Premature withdrawals in excess of contributions are taxed in full and are subject to a 10 percent penalty; however qualified withdrawals are entirely tax-free. Loans are not available.
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