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New Member
posted Jun 6, 2019 3:06:18 AM

Can I continue to contribute to a SEP IRA if I'm over 70-1/2 and still working as a self-employed individual?

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5 Replies
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.


Level 15
Jun 6, 2019 3:06:20 AM

Specifically, net profit from self-employment.

New Member
Feb 5, 2020 9:29:45 AM

tell me how to do that with your software

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.

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.