Pension Lump Sum Roth IRA
A few years ago, Megacorp ended our defined benefit pension plan and switched everyone over to a 401K plan. However, if you were vested in the plan, they calculated what your balance would have been at the time the plan ended. In short, I have around $30K waiting for me.
I am pulling the plug at the end of the year. At that time, I can choose to take a lump sum or there are a variety of payout options. My question is this: can I take the lump sum, pay the taxes, and put the entire amount into a Roth IRA or am I subject to the Roth limits? I know I can roll over the entire amount into my regular IRA and defer the tax. I've looked at the FAQs and did some searches but couldn't find an answer. Thanks in advance.