Christian Posted June 9, 2015 Report Posted June 9, 2015 A client who is a farmer has paid into a regular IRA account over a number of years. He has now in 2015 reached the age at which he will need to start taking mrd . As he is self employed as a farmer I am thinking he may be able to continue making contributions. I do myself through a simple plan connected to my tax business. This probably is a question for his IRA fiduciary but any input would be appreciated. As a regular IRA account I think it is prohibited but checking on it can't hurt. Quote
WITAXLADY Posted June 9, 2015 Report Posted June 9, 2015 I would think he could also - but I question why? and why not a Roth? for tax refunds? great then!! But I do use the advisor as the expert... Quote
SaraEA Posted June 10, 2015 Report Posted June 10, 2015 People cannot contribute to a traditional IRA after age 70.5 (the RMD age when they have to start taking the money out). They can contribute to a SEP or solo 401k if they are still working and to a Roth if they are within the income range. I don't believe farmers have different rules, but maybe someone else knows. 1 Quote
Christian Posted June 10, 2015 Author Report Posted June 10, 2015 That's pretty much my read on it as well Sarah. His is a regular IRA account. I am going to advise him to contact his fiduciary and get their input. They may offer a Simple or SEP plan he can set up. Otherwse, he cannot make further contributions. Quote
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