SEP Contributions for Self Employed

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  • David B
    Junior Member
    • Mar 2020
    • 1
    #1

    SEP Contributions for Self Employed

    Can a self-employed individual who is over the age of 70.5 and currently receiving RMD from his SEP, make contributions to his SEP as an employer and then also make a contribution to his SEP as an individual (provided all other requirements and limitations are met)?
    Tags: None
    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2360
      #2
      A SEP is an employer plan, so contributions as an individual are not allowed.

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        • Dude
          Senior Member
          • Dec 2018
          • 361
          #3
          Yes but all eligible employees (if there are any besides himself) must have a contribution made on their behalf too. Also as long as he is working there is no age limit to contributions

          https://www.irs.gov/retirement-plans...-contributions

          https://www.irs.gov/retirement-plans...or-sarsep-plan
          Last edited by Dude; 03-19-2020, 01:52 PM.
          "Dude, you are correct" Rapid Robert

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