I have contributed every year in the past based on a formula from my self employed earnings less expenses and though my earnings are much lower this year I should be able to contribute about $3500. Turbo Tax is calculating a penalty vs a benefit. What changed? My investment banker says the tax laws around this didn't change. I've always contributed to my Traditional SEP and have done it every year even though I'm 77.
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Contributions can be made to a SEP-IRA after age 70 1/2 if you're still working, but you still have to take RMD's.
Tom D8 is correct - You should still be able to take the deduction.
Please make sure your program is updated. [In TurboTax, click Online (in black bar) > Check for Updates.]
Even if you get that error screen, Turbo Tax should still reflect the contribution on your return. To check this:
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