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Level 2
posted Jun 1, 2019 4:55:47 PM

Is there a way, being self employed and 70.5, that I can contribute to a retirement plan?

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1 Best answer
Expert Alumni
Jun 1, 2019 4:55:49 PM

Unfortunately, if you were 70.5 or older on 12/31/18, you are not eligible to make a Traditional IRA Contribution

4 Replies
Expert Alumni
Jun 1, 2019 4:55:49 PM

Unfortunately, if you were 70.5 or older on 12/31/18, you are not eligible to make a Traditional IRA Contribution

Level 2
Jun 1, 2019 4:55:50 PM

Thank you! What about SEP IRAs or personal 401ks

Expert Alumni
Jun 1, 2019 4:55:52 PM

You can still make contributions to a SEP IRA or a Solo 401(k) if you are reporting a profit on your Sch C.  Keep in mind, you are required to begin Required Minimum Distributions (RMDs) from these accounts by April 1 of the year you turn age 70.5.

Level 2
Jun 1, 2019 4:55:52 PM

Thank you very much