Fun with Roths - can you ace my quiz?

[jfoxcpacfp]

You may know how to take out my appendix, but how much do you know about Roth IRAs? Take this quiz and see how you score.

(Recommend you do not read the "hints" on comments below before testing your knowledge.)

[ArkyDore]

The answer page is not working.

[jfoxcpacfp]

ArkyDore wrote:

The answer page is not working.

Click to expand...

Try again, please. I apologize, think it's ok now.

[DMFA]

#2 is very sneaky!

[GXA]

Thanks for sharing.  That is an informative quiz!

[The White Coat Investor]

Well, the good news is I should apparently be the go-to financial guru at work. I even caught the trick questions, but I disagree with your answer for 13. It should just be yes, rather than yes and no. It CAN be converted tax-free, but doesn't mean it necessarily will if you have gains.

[jfoxcpacfp]

The White Coat Investor wrote:

Well, the good news is I should apparently be the go-to financial guru at work. I even caught the trick questions, but I disagree with your answer for 13. It should just be yes, rather than yes and no. It CAN be converted tax-free, but doesn’t mean it necessarily will if you have gains.

Click to expand...

Shhhhhhhh, don't spoil it for everybody else :-)

I expected some disagreement, but that's ok. The main purpose of the quiz is to educate. You probably scored better than the CPA side of our offices.

[PhysicianOnFIRE]

I was surprised not to see a question about the 5 year rule. I got 12.5 / 13.

Thank you for putting this together. It's a great learning tool, and physicians are very accustomed to taking tests.

 

[Sajimone]

Great quiz.. got above average.. but not a guru.  Thanks for sharing!

[tigeri]

On #4, I agree that minors can contribute to a Roth, but doesn't it have to be opened as a custodial account for them?

[jfoxcpacfp]

tigeri wrote:

On #4, I agree that minors can contribute to a Roth, but doesn’t it have to be opened as a custodial account for them?

Click to expand...

Yes, it does.