2014 SEP Contribution
Hi I have a client age 70 1/2 2014. He has a SEP plan no employees just himself as a Schedule C owner still working and wants to make a 2014 contribution to his SEP plan. Can he still contribute to his SEP plan when he is Required to take RMD’s.
Thank you Domenica
Permalink Submitted by Alan - IRA critic on Tue, 2014-12-09 00:12
Yes, he can. With respect to SEP or SIMPLE IRAs, contributions can be made with no age limit, but RMDs must also commence at age 70.5. So there can be money going into the SEP and also coming out in the same year.