My client is 73 yrs old and has a consulting business (S Corp). Since he is required to take an RMD from his IRA, can he also contribute to his Roth 401k which was set up under his S Corp?
I wasn't sure if he could contribute to his 401k if he was taking an RMD.
Thanks for any feedback.
Solved! Go to Solution.
Yes, regardless of age, if you are still working you can continue to contribute to a 401k. What's more, as long as you own less than 5% of the business you are working for, you are not required to take RMDs from a 401(k) at that employer.
Yes, regardless of age, if you are still working you can continue to contribute to a 401k. What's more, as long as you own less than 5% of the business you are working for, you are not required to take RMDs from a 401(k) at that employer.
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