David-B
Level 1
02-29-2020
11:26 AM
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A 76 year-old self-employed person is a sole proprietor (with no employees) and files Sch C with Form 1040. This person does receive RMD's each year. Can this owner-employee make deductible contributions on Sch C to his/her SEP?
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abctax55
Level 15
02-29-2020
11:40 AM
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Straight from the IRS website:
Can I contribute to the SEP-IRA of a participant over age 70 ½?
You must contribute for each employee eligible to participate in your SEP, even if they are over age 70 ½. The employee must also take minimum distributions, however. If you haven’t contributed for an eligible employee in your SEP plan, find out how you can correct this mistake.
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