topic Pension rollover IRA. in Retirement tax questions

Pension rollover IRA.

ssjci — Sat, 01 Jun 2019 07:12:13 GMT

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?

A pension received in equal periodic payments is not elig...

macuser_22 — Sat, 01 Jun 2019 07:12:13 GMT

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.

Thank you! That is so much clearer than anything I could...

ssjci — Sat, 01 Jun 2019 07:12:14 GMT

Thank you! That is so much clearer than anything I could find in a web search.