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I have a fixed annuity with met life and I need to get out

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of it, and get...
I have a fixed annuity with met life and I need to get out of it, and get my money from it. And what fees or penalties would be?
Submitted: 2 years ago.Category: Tax
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Answered in 11 minutes by:
9/1/2015
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,034
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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MetLife fixed annuities have limitations, exclusions, charges, termination provisions and terms for keeping them in force. Please contact your financial professional for complete details.

Withdrawals may be subject to withdrawal charges and interest adjustment. Withdrawals of taxable amounts are subject to ordinary income tax and if made before age 59½, may be subject to a 10% Federal income tax penalty. Distributions of taxable amounts from a non-qualified annuity may also be subject to the 3.8% Unearned Income Medicare Contribution Tax on Net Investment Income if your modified adjusted gross income exceeds the applicable threshold amount.

REFERENCE SOURCE:

https://www.metlife.com/individual/investment-products/annuities/fixed-annuities.html#overview

Let me know if you require further assistance with this matter.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago

As for the withdrawal charges and interest adjustment charges, you will need to refer to the annuity paperwork, or you can contact the administrator of the annuity to ask them what those particular charges would be.

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