Can I avoid a penalty on a pension payment at age 55 by rolling over to an IRA or any other retirement vehicle?

superrob · ‎April 11, 2020

fanfare · ‎April 11, 2020

when did the money come out?

There are new rules just now that the IRS announced.

KrisD15 · ‎April 11, 2020

Yes, but if your talking about 2019, you ran out of time. Roll-overs need to be done within 60 days of the distribution.

If this was done in 2020, yes, you have 60 days from distribution to do that.

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macuser_22 · ‎April 11, 2020

What type of pension? A 401(k) can be rolled to an IRA and a pension that can be taken as a lump sum payment can be rolled to an IRA. The plan administrator that do that as a direct trustee-to-trustee rollover.

**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.**

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Can I avoid a penalty on a pension payment at age 55 by rolling over to an IRA or any other retirement vehicle?