Age 72 and Owner of Company with 401k Plan.
I am still employed with the company I own. Can I contribute to my 401k plan? Also, do I need to take RMD’s while employed with the firm I own?
I am still employed with the company I own. Can I contribute to my 401k plan? Also, do I need to take RMD’s while employed with the firm I own?
Permalink Submitted by Alan - IRA critic on Mon, 2013-06-03 18:40
Yes and Yes. For a qualified plan, all active employees can contribute regardless of age. However, for 5% or greater owners of the employer RMDs must also begin at age 70.5. You might have a year or two of delinquent RMDs as a result.