667455
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

armo0421
New Member

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

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

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

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

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

Specifically, net profit from self-employment.
PJ 1
New Member

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

tell me how to do that with your software

sauster
Returning Member

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

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

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

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.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question