SEP contribution after 70 1/2

Submitted by Helen Disenhaus on Tue, 2017-12-19 18:10

I understand that you can no longer make contributions to a Roth or regular IRA during or after the year you turn age 70 1/2 (or is it 70 if they are in different years?)? Can you still make SEP contributions if you are still working even after that age?? Can you make spousal IRA contributions as well, and does that depend on your age or that of the spouse?



Submitted by Alan - IRA critic on Tue, 2017-12-19 19:39

  • You can make SEP or Roth contributions at any age, but not traditional IRA contributions starting Jan 1 of the year you will reach 70.5. Your SEP can receive contributions and will also be subject to RMDs at 70.5.
  • Spousal TIRA contributions can be made FOR the spouse under 70.5 using the earnings of a spouse older than that, but spousal TIRA contributions cannot be made FOR a spouse at 70.5.

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