Question

1099-R Pension Distribution

Forum|Forum|3 years ago
March 10, 2023
1 reply
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Can income from a Pension Distribution be rolled into an IRA? I would rather take the money in a later year but the Pension requires distribution to begin at age 65.

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DawnC

Employee

Most pre-retirement payments you receive from a retirement plan or IRA can be “rolled over” by depositing the payment in another retirement plan or IRA within 60 days. You can also have your financial institution or plan directly transfer the payment to another plan or IRA.

The Rollover Chart summarizes allowable rollover transactions.

How do I complete a rollover?

You can roll over all or part of any distribution of your retirement plan account except:

Required minimum distributions,
Loans treated as a distribution,
Hardship distributions,
Distributions of excess contributions and related earnings,
A distribution that is one of a series of substantially equal payments,
Withdrawals electing out of automatic contribution arrangements,
Distributions to pay for accident, health, or life insurance,
Dividends on employer securities, or
S corporation allocations treated as deemed distributions.

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D

dmertz

Employee

Regular periodic pension payments that you would begin receiving at age 65 are #5 on the list of distributions that are not eligible for rollover. To be able to do a rollover you would likely have to receive a pension buyout before the regular periodic pension payments begin.