Retirement Plan Taxation Quiz

Test your knowledge on retirement plan taxation with this quiz covering contributions, penalties, and withdrawal rules.

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Which of the following retirement plans allows for tax-deferred growth of contributions?

Roth IRA

401(k)

Traditional IRA

Brokerage Account

What is the penalty for early withdrawal from a 401(k) before age 59½?

No penalty

5% penalty plus taxes

10% penalty plus taxes

15% penalty plus taxes

Which of the following retirement plans allows for penalty-free withdrawals for certain qualifying expenses, such as first-time home purchase or higher education?

Traditional IRA

401(k)

Roth IRA

457(b)

What is the age at which individuals can make 'catch-up' contributions to their IRA accounts?

59½

Which retirement plan allows for penalty-free withdrawals for certain medical expenses?

401(k)

Roth IRA

457(b)

Traditional IRA

What happens if you withdraw funds from a traditional IRA before age 59½?

No penalty

10% penalty plus taxes

5% penalty plus taxes

20% penalty plus taxes

In which of the following retirement plans are contributions made with after-tax dollars?

Roth IRA

Traditional IRA

403(b)

SEP IRA

Which retirement plan allows for catch-up contributions for individuals aged 50 and older?

Roth IRA

401(k)

Traditional IRA

Simple IRA

What is the maximum contribution limit for a Traditional IRA in 2024?

$6,000

$7,000

$10,000

$12,000

#10

What is the maximum contribution limit for a 401(k) plan in 2024?

$15,000

$19,500

$25,000

$30,000

#11

Which of the following retirement plans is typically offered by government and certain non-profit organizations?

Roth IRA

403(b)

SEP IRA

Simple IRA

#12

Which retirement plan is specifically designed for public school and non-profit employees?

401(k)

457(b)

SEP IRA

Simple IRA

#13

What is the penalty for failing to take required minimum distributions (RMDs) from a traditional IRA or 401(k) after age 72?

5% penalty on the amount not distributed

10% penalty on the amount not distributed

15% penalty on the amount not distributed

20% penalty on the amount not distributed

#14

Which of the following retirement plans has no income limits for contributions?

Traditional IRA

Roth IRA

SEP IRA

Simple IRA

#15

At what age must individuals begin taking required minimum distributions (RMDs) from their retirement accounts?

59½

70½

#16

Which of the following retirement plans is designed primarily for self-employed individuals and small business owners?

403(b)

457(b)

SEP IRA

Simple IRA

#17

What is the penalty for excess contributions to an IRA (above the annual limit)?

5% penalty on the excess amount

10% penalty on the excess amount

15% penalty on the excess amount

20% penalty on the excess amount

#18

Which retirement plan allows for contributions made by both employers and employees?

Roth IRA

Traditional IRA

401(k)

Simple IRA

#19

Which retirement plan is subject to required minimum distributions (RMDs) starting at age 72?

Roth IRA

401(k)

Traditional IRA

Brokerage Account

Retirement Plan Taxation Quiz

Which of the following retirement plans allows for tax-deferred growth of contributions?

What is the penalty for early withdrawal from a 401(k) before age 59½?

Which of the following retirement plans allows for penalty-free withdrawals for certain qualifying expenses, such as first-time home purchase or higher education?

What is the age at which individuals can make 'catch-up' contributions to their IRA accounts?

Which retirement plan allows for penalty-free withdrawals for certain medical expenses?

What happens if you withdraw funds from a traditional IRA before age 59½?

In which of the following retirement plans are contributions made with after-tax dollars?

Which retirement plan allows for catch-up contributions for individuals aged 50 and older?

What is the maximum contribution limit for a Traditional IRA in 2024?

What is the maximum contribution limit for a 401(k) plan in 2024?

Which of the following retirement plans is typically offered by government and certain non-profit organizations?

Which retirement plan is specifically designed for public school and non-profit employees?

What is the penalty for failing to take required minimum distributions (RMDs) from a traditional IRA or 401(k) after age 72?

Which of the following retirement plans has no income limits for contributions?

At what age must individuals begin taking required minimum distributions (RMDs) from their retirement accounts?

Which of the following retirement plans is designed primarily for self-employed individuals and small business owners?

What is the penalty for excess contributions to an IRA (above the annual limit)?

Which retirement plan allows for contributions made by both employers and employees?

Which retirement plan is subject to required minimum distributions (RMDs) starting at age 72?

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