Which of the following statements regarding IRAs is false?
A. Taxpayers who participate in an employer-sponsored retirement plan may be allowed to make deductible contributions to a traditional IRA.
B. The ability to make deductible contributions to a traditional IRA and nondeductible contributions to a Roth IRA may be subject to phase-out based on AGI.
C. A taxpayer may contribute to a traditional IRA in 2015 but deduct the contribution in 2014.
D. Taxpayers who have made nondeductible contributions to a traditional IRA are taxed on the full proceeds when they receive distributions from the IRA.
Answer: D