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Pension rollover IRA.
I am still working but have begun receiving pension disbursements from a previous employer. I deposit these funds to my IRA, but this is not done formally as a rollover. Should this be treated as a rollover anyway? If so, how should I do that?
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Pension rollover IRA.
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.
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.**
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Pension rollover IRA.
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.
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.**
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Pension rollover IRA.
Thank you! That is so much clearer than anything I could find in a web search.
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