SEP IRA RMD Question
Once a person who has a SEP IRA starts taking his RMD upon turning 70 1/2 can that person also contribute and deduct that contribution in that year to his SEP IRA if he is still working and has earned income?
Once a person who has a SEP IRA starts taking his RMD upon turning 70 1/2 can that person also contribute and deduct that contribution in that year to his SEP IRA if he is still working and has earned income?
Permalink Submitted by Alan - IRA critic on Mon, 2014-11-24 19:27
Yes. With SEP or SIMPLE IRAs a taxpayer can contribute without age limit, but must also start RMDs at 70.5