SEP Contributions

[David-B]

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? 

[abctax55 · Accepted solution]

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.