Tennessee Insurance Practice Exam

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In an individual retirement account (IRA), rollover contributions are?

  1. Limited to $5,000

  2. Not limited by dollar amount

  3. Only allowed once a year

  4. Subject to a tax penalty

The correct answer is: Not limited by dollar amount

Rollover contributions to an individual retirement account (IRA) are not limited by dollar amount, allowing individuals to transfer funds from one retirement account to another without facing a cap on the amount rolled over. This ability enhances flexibility in managing retirement savings, as it allows for the

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