Determine whether the income source listed is eligible compensation by clicking on YES or NO. Click the right arrow when you are finished with each question. Test Your Knowledge IRAs – Benefits and Contributions YesNo Interest Sorry, try again.Correct! Click to continue Click to go back
Example Ellen, age 63, withdrew $50,000 today from her Roth IRA that she opened in 2001 with a $500 contribution. Because the Roth IRA has been open for more than five years, and Ellen is over age 59½, she will pay no tax or penalty tax on the earnings portion of her distribution. IRAs – Benefits and Contributions Click to continue Click to go back
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