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I am 78 years old. Because I continue to work, I have set up

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I am 78 years old...
I am 78 years old. Because I continue to work for myself, I have set up a SEP-IRA into which I make an annual contribution. What I need to know is, since I am still making contribution to this account, am I required to take a minimum required deduction each year.
Submitted: 2 years ago.Category: Tax
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9/23/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,875
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70½.

When you are continuing to work, you still have to make mandatory withdrawals from your IRAs, but you can delay taking them from your current employer-provided plan, such as your 401(k), until April 1 of the year after you retire.

(Employees who own more than 5 percent of the company sponsoring the plan can't use this delaying tactic, however; they must start distributions from their 401(k) accounts after age 70 1/2, regardless of whether they continue to work.)

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

You would not be allowed to delay the RMD.

Please advise if you need more information or rating in a positive way is acceptable.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

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