Estate Law
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8/5/2019
Maverick, Attorney
Category: Estate Law
Satisfied Customers: 8,612
Experience: 20 yrs of professional experience.
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Beneficiaries owe income tax on the difference between the principal paid into the annuity and the amount the annuity is worth when the annuitant dies. If they choose a lump sum, beneficiaries must pay owed taxes immediately so there is no withholding issue. Otherwise, the tax situation is similar to that of the annuitant, in that taxes are not owed until the money is withdrawn from the annuity. If this is you case, the payments received from an annuity are treated as ordinary income, which could be as high as a 35% marginal tax rate depending on your tax bracket.
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Maverick, Attorney
Category: Estate Law
Satisfied Customers: 8,612
Experience: 20 yrs of professional experience.
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