Is it possible to not have federal and state taxes withheld from monthly pension payments if you plan to deposit the entire payment into a traditional IRA within 60 days of receipt? Right now, we're having federal and state taxes withheld each month, and we're contributing the net amount into the IRA. We have to come up with the taxed amount to equal the gross amount for it not to be taxed further. We're paying taxes on it each month and when it's time to have the distributions from the IRA several years down the road, we'll be taxed on the distributions yet again. BTW, they will not do a direct rollover. Thank you for your help.
