You have only 60 days to roll over any non-periodic distribution from an IRA and you are only permitted to roll over one such distribution made in any 12-month period. If you are receiving these distributions as regular periodic distribution from an IRA annuity for life or for a period of 10 years or more, they are not eligible for rollover at all. Rolling over a distribution that is not eligible to be rolled over constitutes an excess contribution to the IRA.
A rollover within 60 days simply allows you to continue to defer the income from the IRA, reducing the taxable amount of the distribution. It does not constitute a new regular IRA contribution and is not deductible on your tax return as a new IRA contribution. [Corrected] If you receive compensation from which you can make a new regular IRA contribution, you can make a new regular IRA contribution, but the IRA contribution may or may not be deductible depending on filing status, modified AGI and whether or not you our your spouse is covered by a workplace retirement plan:
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https://www.irs.gov/retirement-plans/ira-deduction-limits">https://www.irs.gov/retirement-plans/ira-...>
