The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: RMDs on IRA and 401(k)||Date: 9/28/2013 4:07 PM|
|Author: TMFPMarti||Number: 119230 of 121589|
I have a SEP-IRA through my SubS corp. Will I have to take RMD's from it at 70-1/2, although I will still be working and the corp contributing to it?
Yes, you'll be required to take RMD's even though you're still working, just like for any other traditional IRA.
Beginning with the year you turn 70 1/2 you may no longer make traditional IRA contributions. However the employer can continue making SEP contributions to your account as long as you're working.
See Chapter 2 of Pub 560.
Rule Your Retirement Home Fool
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|