Can I continue to contribute to a SEP IRA if I'm over 70-1/2 and still working as a self-employed individual?
053613
5 Replies
Bsch4477
Level 15
Jun 6, 2019 3:06:18 AM
Contributions to a SEP IRA can be very flexible. If you have earned income after
the age of 70 1/2, you are still allowed to contribute.
dmertz
Level 15
Jun 6, 2019 3:06:20 AM
Specifically, net profit from self-employment.
PJ 1
New Member
Feb 5, 2020 9:29:45 AM
tell me how to do that with your software
sauster
Returning Member
Feb 13, 2020 10:23:06 AM
Taxpayer is over 70 1/2 at end of 2019. Taxpayer took a Required Minimum Distribution in 2019. Turbo Tax is allowing taxpayer to take a deductible contribution even though a contribution to a traditional IRA would not be deductible.
dmertz
Level 15
Feb 13, 2020 10:45:16 AM
Correct since the contribution you are referring to, indicated in your separate question elsewhere, is a SEP contribution. Permissible self-employed SEP contributions are always deducted.