All of the following are false regarding federal taxation of qualified plans, EXCEPT:

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All of the following are false regarding federal taxation of qualified plans, EXCEPT:

a. Interest is taxable in the year earned.

b. Contributions made by both the employer and the employee are tax-deductible; interest is tax-deferred.

c. Interest is tax-deferred; employer and employee contributions are not tax-deductible.

d. Employer contributions are tax-free and employee contributions are made with taxed dollars.

Answer: b. Contributions made by both the employer and the employee are tax-deductible; interest is tax-deferred.

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