How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

My mother died in 2010. She had an annuity that was part of

Resolved Question:

My mother died in 2010. She had an annuity that was part of a living trust. When I surrendered the annuity they indicated that she had $3,900 in accumulated interest and charged $5,900 in surrender charges. For federal taxes on the trust does the surrender charge offset the interest income?
Submitted: 6 years ago.
Category: Tax
Customer: replied 5 years ago.
Relist: I still need help.
Expert:  Marvin,EA replied 5 years ago.
Hello and thanks you for using Just Answer. You will be able to deduct the surrender charge from the annuity as a miscellaneous itemized deduction on Form Schedule A-Itemized Deductions subject to 2% of your adjusted gross income. You must also claim the accumulated interest as income on your tax return.
Marvin,EA and other Tax Specialists are ready to help you