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Accounting, Payroll & Pension Issues/Pension Roll Over
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Question
I'm currently receiving pension on a monthly basis and I'm planning to continue to work with a different company. Can I roll over the monthly pension to an IRA or annuity without paying tax or allow me to reduce my AGI in tax return?
If it's a pension from what is known as a defined benefit pension plan you probably can't convert. If it's a pension from a profit sharing plan or a 401k plan, it may be possible to convert. The only way to know for certain is to check with the plan administrator for the plan.
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thanks for your quick response! It's helpful and I'll check with my plan admin. | ||
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Accounting, Payroll & Pension Issues
Answers by Expert:
Allen
Expertise
Pension questions ONLY. Pension, profit sharing, and 401(k) plan design, installation, administration and actuarial services; rollovers to Individual Retirement Accounts; taxation of retirement plan distributions
Experience
Over 35years experience in the pension field
Organizations
Various actuarial organizations
Education/Credentials
MBA and various professional certifications
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