Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Can an unqualified annuity be given away to a charitable…

Can an unqualified annuity be...
Can an unqualified annuity be given away to a charitable organization?
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
3/20/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,171
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hi Vito,

yes, an unqualified annuity can be donated to a charitable organization.

Non-qualified annuities are funded with after-tax dollars-- but they are still assets.

Ask Your Own Tax Question

Please let me know your follow up questions.

Thank you

Ask Your Own Tax Question
Customer reply replied 1 month ago
is there any special way to set it up so that they can be contributed?

The annuity company will have paperwork to re-title the annuity.

Ask Your Own Tax Question

To make the gift, they have to give the annuity to the charity, which may only be done by re-titling the annuity or taking a distribution and giving the funds to the charity. I would not recommend the second option.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Is there a requirement that Fed withholding be taken out since its going to be given to charity?

There is not a Fed withholding if you do a title transfer to the charity. You may be able to find the form for the annuity company online to be able to complete the title transfer. The clients may need a medallion guarantee from a bank.

If you distribute the funds, then you should withhold federal and state.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,171
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Thank you so much
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,171
2,171 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I'm on Federal Disability, on my Federal Tax forms there are
I'm on Federal Disability, on my Federal Tax forms there are special provisions for this income. How do I handle it on my California State Income tax filling Married Joint? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I filed my state and federal taxes electronically and then
I filed my state and federal taxes electronically and then realized that I accidentally omitted something that significantly changes my refund from the federal and my payment to the state. I need to f… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
As an employer, do I need to withhold PA State Withholding
As an employer, do I need to withhold PA State Withholding and DE State Withholding for PA Residents working in DE … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I received a 1099-Q form for final distributions from state
I received a 1099-Q form for final distributions from Washington state GET (QTP) program. The time period for its use had expired. Do I include all the earnings as income and do I have to pay a 10% Ta… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I would like to have federal and state taxes taken out of my
I would like to have federal and state taxes taken out of my monthly retirement social security checks moving forward from today. How do I go about changing that ? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
How do I adjust Federal tax withholding? Texas. Only when I
Only when I applied for social security a number of years ago … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
The Trust distributed all of its assets to Bonnie, the sole
The Smith Trust distributed all of its assets to Bonnie, the sole beneficiary, and terminates on December 31, 2017 when it has a capital loss carryover of $15,000 for transactions during 2017. Bonnie … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
On PA tax form I'm told I need to enter a PA distribution
On PA tax form I'm told I need to enter a PA distribution type for Form 1099R-1. None of the distribution types fit. This income comes from a private pension. … read more
abci168
abci168
Principal
27 satisfied customers
I'm considering adjusting my federal withholding and need to
I'm considering adjusting my federal withholding and need to determine whats the best course of action … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I entered the federal tax withholding as my state tax
I entered the federal tax withholding as my state tax withholding. I discovered my error after I received my refund check. I actually owe $178. How do I send back the refund money? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
An estate distributed assets in a CA probate in 2017 and
An estate distributed assets in a CA probate in 2017 and paid fees to its lawyer and executor in 2018.In 2018 an ancillary probate will distribute assets in Florida. Given a presumably lower 2018 esta… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is j trump for president, inc. a charitable organization?
Is Donald j trump for president , inc. a charitable organization? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Does the additional tax of 10% on early distributions (Form
Does the additional tax of 10% on early distributions (Form 5329 Part I) apply to an excess non-deductible IRA contribution received before taxpayer is 59 ½. … read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,171 satisfied customers
I need to get a copy of my Federal and State tax forms filed
I need to get a copy of my Federal and State tax forms filed for the years 2009 and 2011. My SS####-##-#### Jerome Cohen, Hm Phone(###) ###-#### Hope you assist me with my request … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
MY ex-wife did not withhold enough federal tax in 2017
MY ex-wife did not withhold enough federal tax in 2017 (dissolution finalized 6/1/17) and now she owes about $2000 on her 2017 tax return. She does not have the cash to pay this. How does she set up a… read more
abci168
abci168
Principal
27 satisfied customers
TAXES: Taxpayer owes Federal and State taxes for previous
TAXES: Taxpayer owes Federal and State taxes for previous years and has established a re-payment plan with both agencies. Can the taxpayer claim the taxes paid to the State of Maryland on his Federal … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
If a charitable organization offers a lifetime membership,
If a charitable organization offers a lifetime membership, which would otherwise not be deductible because related current and future tangible benefits approximate the cost, is any part of the members… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x