skip navigation

Search Help
Navigation Help


Main Topics
A B C D E F G H I
J K L M N O P Q R
S T U V W X Y Z #


FAQs
Forms
Publications
Tax Topics


Comments
About Tax Map
IRS Tax Map 2008
Current IRS Tax Map

taxmap/pubs/p560-006.htm#en_us_publink10008865

Distributions (Withdrawals)(p8)


rule
spacer

previous topic occurrence Distributions (Withdrawals) next topic occurrence

As an employer, you cannot prohibit distributions from a SEP-IRA. Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts.
Distributions are subject to IRA rules. Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 701/2. However, under the Worker, Retiree, and Employer Recovery Act of 2008, required minimum distributions (RMDs) for 2009 are waived for IRAs, including SEP-IRAs. As a result, if you reach age 701/2 in 2009 your first RMD, normally due by April 1, 2010 is waived. You are still required to take your RMD for 2010 on or before December 31, 2010. For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590.