SEP Contribution?

  1. You have chosen to ignore posts from randy07. Show randy07's posts

    SEP Contribution?

    My brother is a really estate agent who uses a Schedule C.  He is over 70 and has to take a MRD from his SEP.  But since he is still working, can he also still contribute to it ?

     
  2. You have chosen to ignore posts from MASocietyofCPAs. Show MASocietyofCPAs's posts

    Re: SEP Contribution?

    In response to randy07's comment:

    My brother is a really estate agent who uses a Schedule C.  He is over 70 and has to take a MRD from his SEP.  But since he is still working, can he also still contribute to it ?

    Dear randy07:

    The tax law does permit for contributions to a SEP IRA after age 70 & 1/2.  This will increase the balance and the MRD for the following year.

    Hope this helps in preparing your tax returns!

    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal

    Katz, Nannis + Solomon, P.C.

     

Share