A pension received in equal periodic payments is not eligible to be rolled over.
Any new IRA contributions are limited by the normal IRA contribution limits.
1) Cannot exceed $5,500 (or $6,500 if over age 50) in a year.
2) Cannot be more than your earned compensation (money that you worked for).
Anything more than those limits is an excess contribution subject to penalty each year that it remains in the IRA.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
