katieinny Posted December 8, 2008 Report Share Posted December 8, 2008 I'm wondering if the under age 70 1/2 IRA rules apply to a person wanting to set up a SIMPLE IRA. Link to comment Share on other sites More sharing options...
jevd Posted December 8, 2008 Report Share Posted December 8, 2008 The 75 year old may set up a SIMPLE IRA as long as he/she otherwise qualifies, however the RMD rules apply immediately and distributions must start in the year following the year in which the first contribution is made as he/she will have a prior year 12/31/ balance at that time. JEVD Making the complex understandable. Link to comment Share on other sites More sharing options...
katieinny Posted December 8, 2008 Author Report Share Posted December 8, 2008 Thank you. I was able to find reference to a person over age 70 1/2 being able to establish a SEP. I thought it might be safe to assume (is it ever safe to assume?) that a SIMPLE might work the same way. Link to comment Share on other sites More sharing options...
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