I recently took a distribution from one of 4 retirement plans I have accumulated over the years. It was in the neighborhood of $7000, which resulted in about $5800 coming to me. I am looking to reinvest as much as $3000 of it back into an IRA. Will all of this be deductible, or does it fall under the yearly limit on IRA contributions? Anybody know? I'm just concerned that since it is not a roll over, all of what I put back may not be deductible. If it isn't I'll invest elsewhere since I am already conceding that i will pay some penalty.
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