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Level 2

Question

Pension payment conversion to simple IRA

Forum|Forum|5 years ago
April 9, 2021
1 reply
7 views

Hi,

Can i convert part of my annual pension (1099-R) to a simple IRA.. this is addition to existing regular W2 income that does not qulify for IRA due to income threshold and existing 401K. If possible, can i do this several 90 days after my last installment?

thanks in advance,

GR

TurboTax Live Deluxe Online

Level 15

No. You cant convert pension payments to a IRA. Or ask the plan if you can convert some of your account. But a conversion will not be the same as a new IRA contribution. So you wouldn't get a Deduction for it.

208511Author

Level 2

thanks for the reply. Its strange that TurboTax is actually allowing me to enter this as a rollover in partial rollover section and adjusting the taxable amount. By the way, i did forget to mention that i actually had taxes taken out of this pension installments.

Level 15

@dmertz thoughts, comments?