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Is it possible to have a pension payment from a previous…

Customer Question
Is it possible to...

Is it possible to have a pension payment from a previous employer moved from my checking account into an IRA where I will not have to claim the money on my taxes in 2018?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I'm receiving an 800 dollar pension a month. It's going into my checking account. I don't need this money at this time. Plus this extra income is going to hurt my chances of getting assistance from the VA and I most likely will not qualify for the Affordable Health Care. I contacted JC Penney and they said because I signed papers before I left the company and there was nothing they could do on their end. Can you help or tell me who I need to contact? THANKS

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I lost my wife in 2015. I'm only 61 but I started drawing social security this year off my wife. Plus I am working a part time job working 20 hours a week. Between social security and my part time job I will be earning around 25,000 a year.

Submitted: 5 months ago.Category: Tax
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11/13/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,539
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Customer reply replied 5 months ago
I'm not too quick on computer knowledge. I entered the address sent to me by message on my phone. Should I contact a local accountant?
Customer reply replied 5 months ago
Thanks for your help. We're getting to the stage where I don't know what to do next with this library computer. I think I will sign off and speak to a local accountant. I understand I will be charged 5 dollars. Thanks for your help.
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

If you are outside of the 60 day window, you would not be able to rollover the pension to an IRA without consequence. If you are within the 60 day window, you can manually do the rollover without consequence. SEE BELOW:

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In some cases, your pension manager won’t facilitate a direct rollover from your pension to an IRA. You’re still able to move funds from your pension to an IRA, but you’ll need to be careful when you perform the rollover yourself. The IRS only allows you a 60-day window to move funds from a pension to an IRA. This window includes weekends and holidays, and if day 60 falls on a day that banks are closed, you won’t receive any additional days to make the switch.

REFERENCE SOURCE:

https://finance.zacks.com/can-roll-over-pension-plan-ira-6138.html

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