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Advanced Course > Income – Retirement Income

Income – Retirement Income

This lesson is designed to teach you how to identify and report the taxable portion of retirement income received by the taxpayer.

Click the Skills Workout button to learn more about reporting different types of retirement income.

Skill Check

Check your understanding of retirement income. Indicate whether each of the statements below is true or false by clicking on the correct answer. To check your answers, click the Check My Answers button at the bottom of the page.

  1. True or False? A 401(k) includes after-tax contributions, which means employees pay income tax on their salary before the contributions have been deducted.
  • A.
  • B.
  1. True or False? Distributions from all IRAs are fully taxable, with the exception of the Roth IRA.
  • A.
  • B.
  1. True or False? Mary contributed to a Roth IRA for the last three years. This year, she took the full amount of her Roth IRA as a distribution to help her purchase her first home. The entire distribution is excluded from her taxable income.
  • A.
  • B.
  1. True or False? Amy, age 60, contributed to a Roth IRA for 5 years. In year six, she made a distribution from her IRA. The entire distribution is excluded from her taxable income.
  • A.
  • B.