If you’re a small business owner, you aren’t allowed to contribute to your own SEP IRA account after age 70 1/2 (when required minimum distributions begin). If you’re an employee at a company that has a SEP, your employer is still required to make SEP IRA contributions to your account that are equivalent to contributions they make to their own account based on income.
Hope this helps,
Can you contribute until you turn 70 1/2 or not contribute at all in the year you turn 70 1/2…. what do you do if your 70 1/2 and contributed to your Solo Sep Ira ??
I would suggest you confirm this with an accountant, but my understanding (Former Series 7, 24, 27, and 66 licensed) has always been that you can contribute right up until you turn 70 1/2 (including after your 70th birthday). However, if you delay contributions until tax filing deadlines or other things, this may present a bit of a problem. If you’re over 70 1/2 and have contributed, I would contact an accountant or advisor to determine next steps. I don’t think you’ll be able to claim the tax deduction, but I would hesitate to withdraw any money contributed after the deadline until they tell you it’s OK to do so without getting penalized.
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