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Which of the following statements regarding Roth IRA’s is correct?
A) Qualified earnings are taxable when withdrawn.
B) There is no income tax deduction for contributions.
C) There is no penalty for withdrawals prior to age 59 1/2 for plans held 5 years or longer.
D) There are mandatory distribution provisions after age 70 1/2.
Answer: B) There is no income tax deduction for contributions
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