My husband will turn 70 years old in 2018. He is still working. Is he allowed to make a contribution for the year 2018 to a traditional IRA? I know he must take an RMD by 70 1/2. Thanks in advance.
The answer to your question will all depend on when your husband will be celebrating his 70th birthday. If his 70th birthday falls between January and June, he will reach age 70 ½ in 2018 and will not be allowed to make a traditional IRA contribution for 2018. However, if his birthday falls in the second half of the year, from July to December, he will not be 70 ½ until 2019. If this is the case, he can go ahead and make a 2018 traditional IRA contribution as long as he has taxable compensation for the year.
Question: Can 401(k) assets from a former employer be transferred or rolled over to my current employers SEP?
Thank you for your help.
Good news! Yes, funds from your previous employer’s 401(k) plan can be rolled over to your current SEP IRA. Your SEP IRA receives contributions from your employer but other than that it functions just like a traditional IRA and can receive rollover contributions from company plans like any other traditional IRA.