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Lump sum pension payment


JerT

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Hi, 

I’m taking a lump sum pension payment, and plan on rolling it to a new IRA account. I already have a different Roth IRA account. Can I still put the max ($6500) into my existing Roth IRA this year, or does the lump sum pension payment max me out for 2018?

Thank you.

 

 

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Yes, you may contribution to your Roth (based on meeting compensation limits), even if you have a rollover contribution from an employer qualified retirement plan to an IRA.  Trustee-to-Trustee transfers and Rollovers do not count as actual contributions for the IRA contribution limits.

ERPA

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53 minutes ago, CJ Allen said:

Yes, you may contribution to your Roth (based on meeting compensation limits), even if you have a rollover contribution from an employer qualified retirement plan to an IRA.  Trustee-to-Trustee transfers and Rollovers do not count as actual contributions for the IRA contribution limits.

Great. Thank you for the reply. Since I will now have trad IRA, Roth IRA, and 401k accounts, are there any restrictions on having all 3 at once (other than the usual contribution limits)?

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