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Retirement tax questions
No. A monthly pension is not eligible for rollover. Only earned income W-2 or net self-employed" income can be IRA contribution.
TurboTax asks questions reguardless of the type of plan because there is nothing on a 1099-R that indicates the plan type and if it eligible for rollover or not. If you are age 70 or older it will as if it is a RMD and ALL pensions are RMD's and that will prevent the rollover questions.
**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.**
March 23, 2021
12:56 PM