Solved: I'm too old to add to my IRA, but I still earn income and have a SEP. Can I make tax deductible contribution to the SEP?
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I'm too old to add to my IRA, but I still earn income and have a SEP. Can I make tax deductible contribution to the SEP?

 
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New Member

I'm too old to add to my IRA, but I still earn income and have a SEP. Can I make tax deductible contribution to the SEP?

Yes, you are still able to make deductible contributions to your SEP plan up to the allowable limits.

Do be aware that your SEP plan is still subject to the required minimum distribution (RMD) rules as all other tax-deferred retirement accounts.  

More information on SEP plans is available at https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions

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New Member

I'm too old to add to my IRA, but I still earn income and have a SEP. Can I make tax deductible contribution to the SEP?

Yes, you are still able to make deductible contributions to your SEP plan up to the allowable limits.

Do be aware that your SEP plan is still subject to the required minimum distribution (RMD) rules as all other tax-deferred retirement accounts.  

More information on SEP plans is available at https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions

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New Member

I'm too old to add to my IRA, but I still earn income and have a SEP. Can I make tax deductible contribution to the SEP?

I have Turbotax Premium.  Where can I enter the SEP contribution?  It only jumps to individual IRA'S which are limited in contributions.
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