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I made tax-free rollover from an annuity to a traditional IRA. I received a 1099-R for this rollover. Can I still make a contribution of $8,000 to another IRA?
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Yes, you can still make a contribution of $8,000 to another IRA, even after making a tax-free rollover from an annuity to a traditional IRA. The rollover does not count towards your annual contribution limit. However, if you choose to contribute directly to the IRA after your rollover, you'll be subject to the income eligibility requirements here.
For 2025, the IRA contribution limits are:
- $7,000 for individuals under age 50
- $8,000 for individuals aged 50 and older
You can find more details on IRA contribution limits and rollover rules in these Empower and Kiplinger articles
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