SEP IRA


H

Harlan Lunsford

I've hit a blank spot in my thinking, and it has NOTHING to
do with fact it's now happy hour.

Client is 100% sole shareholder of S corp which has been
contributing 25% (used to be 15%) of his salary to a
SEP-IRA. His other IRA contributions due to income
limitations have been to a ROTH IRA.

When client is over the 70 1/2 age barrier, and even though
he continues to be employed by the corporation, it's my
understanding that the corporation may continue to
contribute on his behalf based on salary.

But it appears to me that he must also then start to
withdraw from same IRA. Right?

ChEAr$,
Harlan Lunsford, EA n LA
 
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T

Tom Healy

I've hit a blank spot in my thinking, and it has NOTHING to
do with fact it's now happy hour.

Client is 100% sole shareholder of S corp which has been
contributing 25% (used to be 15%) of his salary to a
SEP-IRA. His other IRA contributions due to income
limitations have been to a ROTH IRA.

When client is over the 70 1/2 age barrier, and even though
he continues to be employed by the corporation, it's my
understanding that the corporation may continue to
contribute on his behalf based on salary.

But it appears to me that he must also then start to
withdraw from same IRA. Right? >><BR><BR>
Looks right to me. Oh, is the company putting in the over
age 50 addition? Or is he?

--
Thomas E Healy, CPA, PC
1650 38th St., Ste 202W
Boulder, CO 80301
Please send email to: (e-mail address removed), since I block all email at my
newsgroup address.
phone (303) 443-1804
fax (720) 489-3772
 
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H

Harlan Lunsford

I've hit a blank spot in my thinking, and it has NOTHING to
Looks right to me. Oh, is the company putting in the over
age 50 addition? Or is he?
The corporate contribution is just 25% of salary for him
and, if appropriate, any other employees, and has nothing
to do with any over 50 contributions, which apply only to
individual IRA contributions.

ChEAr$,
Harlan Lunsford, EA n LA
 

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