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The second question I have could most likely be found on the boards, but since I'm here anyway, I might as well just ask for a quick yes or no. If a man is 60 and retired, and his only source of income is from a pension, can he contribute to a traditional IRA now that he no longer has earned income?

No. Your IRA contributions cannot exceed your "taxable compensation" for the year. See Chapter 1 of Pub 590.

As for your other question, IMO it's not one you should be discussing on a public message board. I suggest you gather up your records and hire someone who really knows this part of the law to advise you. I don't think you need to worry about jail, but you do have a problem.

Rule Your Retirement Home Fool
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