Contributing to another Roth or Traditional IRA once 72t started

L1: Contributing to another Roth or Traditional IRA once 72t startedIf I split my IRA into two accounts and only set up one for 72t SEPP distributions, can I continue to contribute to the other, non-72t, IRA account each year? Related question, can i contribute to a seperate Roth IRA?2013-04-02 13:32, By: gh, IP: [108.246.26.140]
L2: Contributing to another Roth or Traditional IRA once 72t startedIf I split my IRA into two accounts and only set up one for 72t SEPP distributions, can I continue to contribute to the other, non-72t, IRA account each year? — YES
Related question, can i contribute to a seperate Roth IRA? — YES, if you had EARNED INCOME, and are not phased out because of too high income.2013-04-02 14:08, By: dlzallestaxes, IP: [98.111.190.136]

L3: Contributing to another Roth or Traditional IRA once 72t starteddlz… thanks for the reply. Realized I should have asked a more specific question. Would those IRA contributions to the non-72t count be tax deferred just like normal IRA contribution? (asking because it seems this would be a flexible alternative than using the one-time calculation change from Amortization Method or Annuity method to RMD if financial needs change in future. See any issues with this line of understanding?)2013-04-02 14:30, By: gh, IP: [108.246.26.140]

L4: Contributing to another Roth or Traditional IRA once 72t startedLike DLZ stated, as long as you have “earned income” and meet other criteria, you can contribute to either or both Traditional / Roth IRA’s. Now this is the “short answer.”
Your SEPP Plan distributions can’t be contributed to either IRA. You must have additional income to qualify for the contribution.
You may contribute to both a Traditional IRA and a Roth IRA, but the total of both contributions can’t exceed the annual total of $5K or $6K as appropriate for your age.
If you are working and contribute to your company’s K-plan, your total income is a factor to help determine your contribution limits.
Be sure to check out ALL factors affecting your ability to contribute to IRA’s.
Jim F2013-04-02 14:43, By: Jim F, IP: [70.184.1.22]

L5: Contributing to another Roth or Traditional IRA once 72t startedThanks Jim. That makes perfect sense and helps me in planning my early/semi retirement.I plan tostill work as a contractor at least part-time.Income will be inconsistent year to year.It’s good to know that ingood yearsI can still contribute to IRA’s.2013-04-03 13:11, By: gh, IP: [108.246.26.140]

L6: Contributing to another Roth or Traditional IRA once 72t startedIf you are going to do consulting, look into retirement plans other than just Traditional IRA’s, such as solo 401-K, SEP IRA, SIMPLE IRA, etc. where you can contribute even more if you do not need the money.
And you might even look into ROTH IRA or ROTH 401-K in the right circumstances.2013-04-03 16:11, By: DLZALLESTAXES, IP: [98.111.190.136]