SEP IRA Contribution
If a sole owner of a Sub S Corporation with no employees and is contributing to a SEP IRA, can she continue contributing to the plan after age 72 as a FT employee? Can she “defer” taking RMDs until she retires?
Thank you,
John R
Permalink Submitted by Alan - IRA critic on Tue, 2021-07-20 14:17
Once RMD age is reached, the SEP IRA owner must start RMDs, but can still make contributions. There is no “still working exception” for IRA accounts, just for qualified plans like 401k and 403b accounts.
Permalink Submitted by John Recchia on Tue, 2021-07-20 19:31
Alan, thank you. That’s what I figure. Much appreciated. John