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Discover the Tax Advantages of IRAs

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Questions and Answers

Which of the following statements about an individual retirement account (IRA) is correct?

An IRA provides certain tax advantages. (correct)

An IRA is a short-term savings account.

An IRA can only be used by individuals without earned income.

An IRA is only available to individuals over the age of 65.

Who can use an individual retirement account (IRA)?

Only individuals without earned income.

Individuals with earned income. (correct)

Only individuals over the age of 65.

Only individuals with a high income.

What is the purpose of an individual retirement account (IRA)?

To save for short-term expenses.

To provide immediate financial assistance.

To invest in high-risk stocks.

To save for retirement and enjoy tax advantages. (correct)

Discover the Tax Advantages of IRAs

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Questions and Answers

Which of the following statements about an individual retirement account (IRA) is correct?

Who can use an individual retirement account (IRA)?

What is the purpose of an individual retirement account (IRA)?

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