I think I'm starting to confuse myself with this topic.
Client is retired from local school system and receives a monthly pension. She is now self-employed as a counselor, working primarily from home, grossing about $30K.
She and her husband also both receive Social Security; they file MFJ; their MAGI is about $113,000. She is age 71, he is age 72.
Can she contribute to an IRA? Neither are currently working for an employer and covered by a retirement plan. The age limit for IRA contributions has been removed.
Or, is her only option to defer taxes through a Solo401(k)?
Either way, she will be subject to RMD requirements at age 72. Will she still be able to contribute to an IRA and/or Solo401(k) in the same year she is making RMD withdrawals?
Is the deadline for opening a Solo401(k) account extended to May 17 (or Oct 15, if an extension requested)?