Hsa & Ira Quiz

8 Questions

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Hsa & Ira Quiz

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Questions and Answers
  • 1. 
    For IRA accounts, what age do you have to reach in order to be eligible for catch-up contributions?
    • A. 

      55

    • B. 

      50

    • C. 

      65

  • 2. 
    You can withdraw contributions from your Roth IRA penalty-free at any time.
    • A. 

      True

    • B. 

      False

  • 3. 
    For IRA accounts, what is the minimum balance requirement to avoid maintenance fees?
    • A. 

      $100.00

    • B. 

      $500.00

    • C. 

      $1000.00

    • D. 

      $50.00

  • 4. 
    You can begin withdrawing funds from a Traditional IRA at the age of ____.
  • 5. 
    What is the age at which mandatory withdrawals (RMD) are required for a Traditional IRA? 
    • A. 

      70 1/2

    • B. 

      70

    • C. 

      72

    • D. 

      N/A

  • 6. 
    What is the maximum age for IRA contributions?
    • A. 

      70

    • B. 

      70 1/2

    • C. 

      72

    • D. 

      No age restriction on contributions.

  • 7. 
    Health Savings Accounts earn dividends on balances of $____ and over.
  • 8. 
    You qualify for a Health Savings Account if:
    • A. 

      You are covered by a qualifying High Deductible Plan.

    • B. 

      You are not covered by another type of health plan.

    • C. 

      You are not enrolled in Medicare.

    • D. 

      You are not claimed as a dependant on another individual's tax return.

    • E. 

      All of the above.

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