Business Owner RMD
If a solo business owner has a 401k / profit sharing plan and is over 70-1/2, must he take RMD from the plan since he is more than a 5% owner?
Is he still allowed to contribute to the plan?
If a solo business owner has a 401k / profit sharing plan and is over 70-1/2, must he take RMD from the plan since he is more than a 5% owner?
Is he still allowed to contribute to the plan?
Permalink Submitted by Alan Spross on Wed, 2010-01-27 22:21
He can contribute without age limit, but also MUST take out the RMD due to 5% ownership.