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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2319
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am having my pension money (lump amount) transferred to an

Customer Question

I am having my pension money (lump amount) transferred to an self managed IRA account. Now I would like to take part and open a fixed index annunity. My question is will I have to pay tax on that part I transfer to the Annunity.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

It depends. If the annuity is purchased withing the IRA, than no, the amount will not be taxable. However, if you are taking money OUT of your IRA, than the amount will be treated as taxable distribution.

Expert:  emc011075 replied 1 year ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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