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My husband just passed away last month and he had an Annuity
My husband just passed away last month and he had an Annuity that is now under my name. My survivor amount will be 207,000.00 and I was thinking of either cashing it out or taking monthly payout. Is i… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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I am considering starting a 529 Savings for one of my
I am considering starting a 529 Savings for one of my grandchildren and want to use money from a TSA. If i do that will I owe taxes on the amt withdrawn. Missouri allows a $16,000 donaion from a joint… read more
Tax.appeal.168
Tax.appeal.168
Principal
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My 2 sons under 40 are beneficiaries in a simple trust
my 2 sons under 40 are beneficiaries in a simple trust holding an annuity contract. i am the trustee, age 59. the principal amount was from a life insurance settlement of my deceased husband who would… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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I have a question regarding my retirement plan, I was
I was wondering what kind of or how much tax penalties I will get if I withdraw my money before the pre-set age. … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I want to move my retirment funds to a Vanguard, however
I want to move my retirment funds to a Vanguard, however they can not accept my annuity with Nationwide. I started to take the steps to have my financial advisor with UBS and UBS removed as the adviso… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I have been receiving SSDI benefits since late 2005. I was
I have been receiving SSDI benefits since late 2005. I was 51 years old when a determination of full disability was made, two years after I first applied for benefits. I turned 59 1/2 years old in Mar… read more
Lev
Lev
Tax Advisor
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A taxpayer, who resides in PA, inherits an annuity from his
A taxpayer, who resides in PA, inherits an annuity from his recently deceased grandmother. He is under 59.5 and takes a lump sum, early withdraw. Does he have to file a PA Inheritance Tax Return & pay… read more
Lev
Lev
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I am a retired teacher who at 54 retired, early. I took out
I am a retired teacher who at 54 retired, early. I took out a lump sum and I understand that I have a 10% early withdrawl penalty. I receive a monthly annuity for the rest of my life. Both the lump su… read more
winktax
winktax
Enrolled Agent
Master's Degree
346 satisfied customers
Hello, Im on SSDI (Disability) and would like to withdraw
Hello, I'm on SSDI (Disability) and would like to withdraw some funds from my IRA, Is there a limit to how much I can withdrawl and what would the penalties be that I would incur? Thank you… read more
Lev
Lev
Tax Advisor
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As the executor of my brothers estate I am filing his final
As the executor of my brother's estate I am filing his final tax return. He had a "deferred variable annuity" which he surrendered in full in 2010. The IRA was issued by an insurance company and was f… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I lived in California and purchased an RV and a new car. I
I lived in California and purchased an RV and a new car. I withdraw funds from my annuity account to use as a cash deposit for a down payment. The Annuity company withheld 20% for Federal taxes and 10… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
ARE ANNUITY EARLY WITHDRAWAL PENALTIES IMPOSED BY INSURANCE
ARE ANNUITY EARLY WITHDRAWAL PENALTIES IMPOSED BY INSURANCE COMPANIES TAX DEDUCTIBLE? THE ANNUITY IS AN IRA ROLLOVER AND THE RECIPIENT IS OVER THE AGE OF 59 1/2. THE PENALTY IS BASED ON THE LENGTH OF … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Hello. I am a US citizen and am about to withdraw a lump sum
Hello. I am a US citizen and am about to withdraw a lump sum and an annuity from a UK company pension plan which I did not make any contributions to (it is not a 401k). When I receive this money will … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
If someone aged 55 and one-half cashes in her $50,000 annuity,
If someone aged 55 and one-half cashes in her $50,000 annuity, 20% a year, starting in 2008, and continues to do so until that person is age 59 and one-half, does she have to pay just taxes, but no pe… read more
Merlo
Merlo
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558 satisfied customers
If I take money out of a 503b fund and use it to put
If I take money out of a 503b fund and use it to put capital into an LLC corporation. Will I still pay income tax on the withdrawn money or will the money become my capital investment in the LLC to be… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
what is an annuity tax % is there also a tax penelty
I have an annuity that i want to close the account and withdraw the money. what percent do I have pay out the taxable portion and is there also a tax penalty. can they penalized the money originally p… read more
Stone Financial
Stone Financial
Vocational, Technical or Trade Scho
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WHERE CAN THE PENALTY ON AN EARLY WITHDRAWAL OF AN ...
WHERE CAN THE PENALTY ON AN EARLY WITHDRAWAL OF AN ANNUITY BE DEDUCTED? THE INSURANCE COMPANY CHARGED A PENALTY WHEN THE ANNUITY WAS CLOSED BEFORE THE FIVE YEAR TERM.… read more
Lev
Lev
Tax Advisor
34,024 satisfied customers
Uninformed decison leads to bad tax consequence with an annuity
My agent told me that I could withdraw 10% of my annuity each year without any penalty. LAst MArch (2004) I needed the cash to pay my 2003 Income tax bill so I withdrew the 10%. This year I received a… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
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