Solo 401K
just want confirmation:
mary has a solo 401K, is over 701/2, is still working.
she needs to take RMD’s, and she still can make contributions.
just want confirmation:
mary has a solo 401K, is over 701/2, is still working.
she needs to take RMD’s, and she still can make contributions.
Permalink Submitted by Alan - IRA critic on Wed, 2019-03-06 20:20
Yes, that is correct. In fact, a traditional IRA is the only plan for which regular contributions must stop at 70.5, and there is pending proposed legislation to change that. RMDs apply to all non Roth IRA accounts at 70.5, and to all qualified plans for > 5% owners.