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D
David-B
Level 2
February 29, 2020

SEP Contributions

  • February 29, 2020
  • 1 reply
  • 15 views

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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    1 reply

    abctax55
    abctax55
    Level 15
    February 29, 2020

    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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