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I just received a death benefit from my daughter's death. I
I just received a death benefit from my daughter's death. I am 72 years old, retired and collecting Medicare. Should I collect the distribution as a lump sum or put the money (about $25,000) into an a… read more
Lane
Lane
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Doctoral Degree
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A woman recently passed away. She was a PA resident & owned
A woman recently passed away. She was a PA resident & owned a non-qualified annuity which passed to her daughter, who is her sole beneficiary & also a PA resident. The amount the daughter will receive… read more
Alexander Efros
Alexander Efros
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I have inherited an non qualified annuity from by aunt who
I have inherited an non qualified annuity from by aunt who died in July 1918 for a small amount and I need to know if I should take a lump sum or take it monthly … read more
Robin D.
Robin D.
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I am 65 and no longer work at the facility where I took a
I am 65 and no longer work at the facility where I took a 403b now they are telling me I can't take that money as a lump sum and reinvest it as I want. I will only be able to receive the funds once an… read more
Rick
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I am 68 years old working 2 days per week and planning on
I am 68 years old working 2 days per week and planning on taking a lump sum distribution from an annuity willed to me as a bridge to 70 when i will take soc sec. will it be treated as simple income or… read more
DK_CPA
DK_CPA
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I was wondering if I could avoid the 10% early withdrawal
I was wondering if I could avoid the 10% early withdrawal penalty if I take the exact amount of my daughters tuition out of my annuity which is not scheduled to be disbursed until I turn 59 1/2. … read more
Lane
Lane
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Doctoral Degree
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I am receiving around $300,000 inheritance from my father
Hi Pearl, I am receiving around $300,000 inheritance from my father who passed on 10/1/16. His estate is in probate right now and there are bits and pieces of the total amount coming to me but not at … read more
Christopher B, Esq.
Christopher B, Esq.
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I received a lump sum distribution from an annuity after the
I received a lump sum distribution from an annuity after the death of my parents. Is this non taxable. I actually received a lump sum in 2012 and then another lump sum in 2013. My parents were born be… read more
Megan C
Megan C
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Master's Degree
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A taxpayer inherits an annuity from his recently passed grandmother
A taxpayer inherits an annuity from his recently passed grandmother & elects to take a lump sum withdraw. The taxpayer is under 59.5 & resides in Pennsylvania. Is the withdraw subject to PA state inco… read more
Lev
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I have a TIAA-CREF Traditional Lifetime Annuity. I am in
I have a TIAA-CREF Traditional Lifetime Annuity. I am in need of a lump sum of cash (not all), from this annuity. Can this be done? I just get the idea this may be difficult. Thanks… read more
Robin D.
Robin D.
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I have about 500,000 total in 3 different non-qualified annuities.
I have about 500,000 total in 3 different non-qualified annuities. I have a revocable trust that generally holds all non-retirement assets. The annuities are titled to the Trust. I have read that the … read more
PDtax
PDtax
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My wife is considering a potential offer of severance but is
My wife is considering a potential offer of severance but is concerned about the tax implications. She works for a private non-profit that runs a Federal program. The RIF is due to budget cutbacks. If… read more
R. Klein, EA
R. Klein, EA
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I am interested in Net Unrealized Appreciation. In 2003
I am interested in Net Unrealized Appreciation. In 2003 I borrowed some money from the 401k and then repaid it. I retired in late 2004 at age 57. In 2005 I rolled about $950,000 from my company 401 k … read more
Bill
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I have a client who inherited an annuity from his mother. The
I have a client who inherited an annuity from his mother. The annuity was not in a retirement account. The mother died in March 2009. It has taken the beneficiary until now to get the proper paperwork… read more
Lev
Lev
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If I take the lump sum death annuity benfit how muchwill
If I take the lump sum death annuity benfit how much will they tax me the benfit is for $63000 the annuity is from Bankers Life and Casualty Com annuity claims department I am the beneficiary… read more
Robin D.
Robin D.
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I took a lump sum distribution of an annuity in 2010 that I
I took a lump sum distribution of an annuity in 2010 that I inherited from my father in 2009. The value at the time of distribution was greater than the cost basis. Am I liable for taxes on this gain … read more
CGCPA
CGCPA
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My brother & I are inheriting a non-qualified annuity with
My brother & I are inheriting a non-qualified annuity with equal interest from our father. Our father was the owner and annuitant. The original payout was 10 years, of which our father received 2 paym… read more
Robin D.
Robin D.
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My father died in October, their trust was the benficiary of
My father died in October, their trust was the benficiary of the 401K. Before the check could be cashed, my mother passed away. Do I put the income taxes on her final tax return, or on the "estate" ta… read more
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