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, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,642
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, 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 4 months 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 4 months 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, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,642
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
Thank you so much
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Chad EA, CDFA®, CFP® Your Own Question
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,642
2,642 Satisfied Customers
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA

Chad EA, CDFA®, 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

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 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
Can a contribution of $100,000. that I made to kent state
can a contribution of $100,000. that I made to kent state university be considered a taxable gift in which taxes paid can be deducted from my from the lifetime exemption of my estate and paid upon my … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am a 501(c)3 entity. I am taking a group of people on a
I am a 501(c)3 entity. I am taking a group of people on a foreign mission trip. The group is having me purchase all of the travel arrangements. The group is responsible for raising the monies to pay f… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
As a member of my church I volunteered to organized a trip
As a member of my church I volunteered to organized a trip to Europe as a fundraiser. The money for the trip was given to me and I managed it through a separate account from my personal account. I gav… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Where on my tax return do I enter a charitable deduction ($77,784)
Where on my tax return do I enter a charitable deduction ($77,784) for a $150,000 Charitable Gift Annuity? Is this treated like a contribution?… read more
Bill
Bill
Master\u0027s Degree
3,132 satisfied customers
I wen on a humanitarian trip with pure water for the world
I wen on a humanitarian trip with pure water for the world to honduras to install water and sewer systems. Can i deduct the cost of this trip and airline tickets… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
HOW MUCH OF CHARITABLE TRAVEL EXPENSES ARE DUDUCTABLE; MILAGE,
HOW MUCH OF CHARITABLE TRAVEL EXPENSES ARE DUDUCTABLE; MILAGE, FOOD ANDLODGING ON FORM 1040, SCHEDULAE A?… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I went on a church sanctioned religious mission trip where
I went on a church sanctioned religious mission trip where I paid for my airfare (about $500)and food/lodging (also $500). I also paid the same for a couple of other people so they could go. Further, … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I have professional responsibilities for my national church
I have professional responsibilities for my national church body as chair of the mission planning committee. If I take a mission trip to Africa specifically in support of these responsibilities that i… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I recently (July) retired from teaching. I took a trip to India
I recently (July) retired from teaching. I took a trip to India to consult to two schools there-was not paid for this service and wondered if I could deduct the trip's expenses-the trip was all about … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
can a person take a charitable contribution deduction for the
can a person take a charitable contribution deduction for the costs of training a dog under a program by guide dogs of america-theses are actural costs in training a guide dog for the blind-the dog wi… read more
CPAforHire
CPAforHire
Bachelor\u0027s Degree
73 satisfied customers
if a person receives donation to help with medical costs due
if a person receives donation to help with medical costs due to cancer and is on disability, what is the tax law as far as donations and if and how they would be taxed and would it affect what they re… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Lev, Thank you for your answer. We were told that becasue it
Lev, Thank you for your answer. We were told that becasue it is a tax-exempt organization, which ows the building too, it can NOT be sold but given away to a charitable organization. Is it true?… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Im on the board of a Nevada 501(c)3 whose considering issuing
I'm on the board of a Nevada 501(c)3 whose considering issuing gift annuities to our donors. We've been in operation for 15+ years and have the necessary $300,000 in order to do so under Nevada law. W… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Im a part of a 501(c)3 organization. We had a donor co
I'm a part of a 501(c)3 organization. We had a donor come to us requesting a charitable gift annuity. He says that he'll give our organization 50k and our organization pays him yearly based on the IRS… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master\u0027s Degree
2,290 satisfied customers
1) My wife and I went on a choir concert tour in Europe ...
1) My wife and I went on a choir concert tour in Europe last year. She is a member of the choir. I am not. Are any of her expenses deductible as a charitable contribution? They choir gave 4 performanc… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Can a church receive a car as a donation, issue a ...
Can a church receive a car as a donation, issue a receipt for tax purposes to the donor, if they in turn give the car away to a 3rd party? And if this is legal, will anyone need to pay sales tax if th… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
May a Charitable Gift Annuity Contract permit the ...
May a Charitable Gift Annuity Contract permit the change of the ultimate Charitable Beneficiary and still retain Income tax benefits to the Donor?… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Are services, such as a hair cut given away as a ...
Are services, such as a hair cut given away as a donated item, taxable? I give hair cuts, colors as certificates that are raffled off by schools, churchs, etc. How can I expense these? I am self-emplo… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 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