IRA contribution
When I take my MRD at 70-1/2 in 2008 from my SEP IRA and am still employed, can I make a deductible IRA contribution in 2007.
When I take my MRD at 70-1/2 in 2008 from my SEP IRA and am still employed, can I make a deductible IRA contribution in 2007.
Permalink Submitted by Alan Spross on Fri, 2008-01-04 20:22
You can make a deductible contribution to your SEP IRA based on your net earnings from self employment up to the permissible limit, however you cannot make a traditional IRA contribution to either the SEP IRA or a separate traditional IRA.
Permalink Submitted by Denise Appleby on Sat, 2008-01-05 20:00
…however, if the IRA contribution is being made for 2007 ( and you reached age 70 ½ this year), that is OK.
Whether your are eligible to deduct your traditional IRA contribution depends on your active participant status, and your MAGI. See here for more http://www.retirementdictionary.com/active-participant.htm