Christian Posted June 9, 2015 Report Share 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 Link to comment Share on other sites More sharing options...
WITAXLADY Posted June 9, 2015 Report Share 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 Link to comment Share on other sites More sharing options...
SaraEA Posted June 10, 2015 Report Share 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 Link to comment Share on other sites More sharing options...
Christian Posted June 10, 2015 Author Report Share 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 Link to comment Share on other sites More sharing options...
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