Open and Fund SEP IRA after age 73
If a client is still working and opens and funds a SEP IRA mid-year of the year they are turning age 73, do they still need to take an RMD for that year and without a December balance for the prior year, what value is used for the RMD calculation?
Permalink Submitted by Alan - IRA critic on Wed, 2023-10-11 23:38
There is no SEP IRA RMD if there was no balance on the prior year end.