Tax consequences of liquidating an annuity Chatsex shqip free

07-Jul-2020 09:07

The IRS, under Section 1035 of the tax code, may allow you to exchange one annuity contract for another.

This “rescue” strategy can allow you to defer taxes while switching to a lower-cost contract.

In my recent article, I discussed some of the common drawbacks of variable annuities.

The hefty fees, misleading guarantees, and tax treatment can put investors in an uncomfortable spot.

tax consequences of liquidating an annuity-77

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When considering cashing out of a non-qualified annuity (meaning one that isn’t held in an IRA), you’ll want to look at the “cost basis” of your annuity vs. The difference is generally subject to ordinary income tax, and may be subject to an additional 10% tax penalty if you’re under 59 ½.It’s also a good idea to review the annuity contract in depth to see what benefits you may be losing by cashing out.

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