UK Pension Schemes
I have a client who has a UK money purchase scheme that appears can be “received” by an overseas plan. Does anybody know if an IRA in the US qualifies as this type of a plan? I spoke with Schwab and they said they would accept payment.
Permalink Submitted by Alan Spross on Mon, 2010-03-15 21:57
If you are asking whether a foreign retirement plan of any type can be rolled into a US IRA, it cannot. Therefore, I doubt that Schwab was referring to any kind of IRA rollover contribution being accepted. A regular IRA contribution also requires US taxable compensation, even if earned overseas.