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Deduct after RMD Age

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    #1

    Deduct after RMD Age

    Can you continue to deduct contributions to a SEP after age 70 1/2?
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    #2
    Originally posted by Golden Rocket View Post
    Can you continue to deduct contributions to a SEP after age 70 1/2?
    yes, to the IRA which is allowed by the SEP that is.
    ChEAr$,
    Harlan Lunsford, EA n LA

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      #3
      I have one who is 78 and still self-employed. Funds that SEP every year.

      Comment

        #4
        Yep ... it's one of the more interesting rules regarding IRAs. A T/P can contribute to a SEP-IRA after age 70½, but he also must take an RMD each year as well.
        Roland Slugg
        "I do what I can."

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          #5
          a self employed person can do that. But if they work for a company, they can't put into an IRA, unless the company puts into the SEP for them.

          It is interesting.

          Linda, EA

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