Is there a way, being self employed and 70.5, that I can contribute to a retirement plan?
041154
1 Best answer
Rachel_W
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
Rachel_W
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.
rfentin
Level 2
Jun 1, 2019 4:55:50 PM
Thank you! What about SEP IRAs or personal 401ks
Rachel_W
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.