Which of the following statements comparing traditional and Roth IRAs is false?
A. For a 57-year old individual, the maximum allowable contribution to either type of IRA is $7,000.
B. Contributions to traditional IRAs may be deductible; contributions to Roth IRAs are nondeductible.
C. Individuals may have to pay a premature withdrawal penalty from either type of IRA.
D. Individuals who have reached age 70½ must begin liquidating either type of IRA.
Answer: D
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Indicate whether the statement is true or false