You can contribute the money you distribute from a QTP to an IRA, but it is not a tax-free rollover and is subject to the annual IRA contribution limits. In 2013, you can contribute up to $5,500 to an IRA, or $6,500 if youâre 50 or older. You cannot contribute more than your gross income.ou can contribute the money you distribute from a QTP to an IRA, but it is not a tax-free rollover and is subject to the annual IRA contribution limits. In 2013, you can contribute up to $5,500 to an IRA, or $6,500 if youâre 50 or older. You cannot contribute more than your gross income.
Best Answer: Status quo is a Latin term meaning the present, current, existing state of affairs. To maintain the status quo is to keep things the way they presently are. Compare it with status quo ante, meaning the state of things as it was before.. Source(s): Cristi@n Â· 10 years ago.
For example, the term status is used in reference to the legal state of being an infant, a ward, or a prisoner, as well as in reference to a person's social standing in the community.tatus. STATUS. The condition of persons. It also means estate, because it signifies the condition or circumstances in which the owner stands with regard to his property. 2 Bouv. Inst.