Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.If you buy the annuity with pretax money, then the entire balance will be taxable. If you use after-tax funds, however, then you'll be taxed only on the earnings.
If you cash out a deferred annuity in a lump sum, then you'll have to pay income taxes on all of the earnings higher than your original investment.The rate will depend on the amount and your filing status.
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Was just reading. It'
the system showed you entering and leaving
It's fine. I am just thinking. So I'd say about 60 percent then.
It was my phone. I received an alert.
That may be, have you looked at the tax rates for 2013?
I will look.
You are most welcome
these are compliant to CA state plus federal? I just want to make sure IRS is happy!
If IRS is happy, I'm happy!;)
Yes, the IRS will be happy when you report the payout and apply the tax.
All right. Thank you! You made my day!
You are most welcome. Your positive rating is always thanks enough.
I really enjoyed working with you – please feel free to request me again when you come back to ask another question.You will find the request feature when you come back under your MY QUESTIONS section.