New SEP IRA After RMD Age
Someone of RMD age establishes SEP IRA. They would not have an RMD in the year of inception but would each subsequent year regardless of their earnings correct? Thanks,
Someone of RMD age establishes SEP IRA. They would not have an RMD in the year of inception but would each subsequent year regardless of their earnings correct? Thanks,
Permalink Submitted by Alan - IRA critic on Fri, 2018-12-07 15:50
Yes, correct. With a SEP IRA contributions can be made after 70.5, but RMDs must also be distributed whether the SEP receives new contributions or not.