Question

I am over 70 years old and turbo tax will not let me enter anything from a solo 401k contribution

Forum|Forum|6 years ago
October 14, 2019
1 reply
0 views

No text available

I'm not sure, but it could be because the "more than 5% ownership" rule may be the reason. The best I can find on that is at https://www.irafinancialgroup.com/wp/what-you-need-to-know-about-making-contributions-to-a-solo-401k-plan-after-70-1-2/

So if you own more than 5% of the company and did not take an RMD, that "may" be why you can't contribute.