RMD
Does anyone know if a client has to take a RMD from a individual K or SEP when the client is still employed?
Thanks,
Heather
Does anyone know if a client has to take a RMD from a individual K or SEP when the client is still employed?
Thanks,
Heather
Permalink Submitted by Alan Spross on Wed, 2008-04-02 18:51
Yes, they must take the RMD at 70.5. This is true for all IRA accounts (except Roths), and for the solo K, it is because they obviously are a more than 5% owner. Therefore, for these accounts you can have simultaneous contributions going in and RMDs coming out.