Sep ira

Ordinarily you need to take a required distribution for every year beginning with the year you reach age 70 1/2. However an exception has been created by Congress for the 2009 year. You can choose to not take a distribution for 2009. There are rules in place for those who have already taken a 2009 distribution but would like to undo it.

You do have to take distributions from your SEP IRA by April 1 following the year you turn 70.5. Howver, in 2009, the governement did allow IRA holders to skip their required minimum distribution. There are many unique and favorable qualities of a SEP. One good thing about SEPs that differs from a traditional IRA is that as long as you are still working, you can continue contributing to a SEP.