RMD for 73 yr old, still working making SEP contributions
This client is a realtor, still employed. He makes contributions to his SEP. Now that he has turned 73, does he still have to take RMD eventhough he’s still making contributions to a SEP? If so, is it because the SEP is not a qualified retirement?
Thank you for your expertise!!
Permalink Submitted by Alan - IRA critic on Wed, 2024-07-17 12:25
Yes, RMDs are required for all IRA accounts as the “still working” exception only applies to qualified plans. That said, the deduction for the contribution would offset the RMD taxes, either in part or entirely.