Jump to content
ATX Community

Recommended Posts

Posted

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.

Posted

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.

  • Like 1
Posted

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. 

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...