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When withdrawing funds, or outside of regular annuity payments, from a non-qualified annuity–the IRS uses the “Last-in-first-out” rule for determining the taxable portion of your withdrawal.
The exact combination will affect your taxes if you have a nonqualified (i.e., after-tax) annuity, since contributions to this type of account are not taxable when paid out.
The guaranteed payments for life that income annuities deliver offer retirees a great sense of security. What people might not realize is that how those payments are taxed will depend on how the ...
Annuity income payments are taxable. Income stops at annuitant’s death. To summarize, individual retirement annuities provide income security with tradeoffs around liquidity, growth and costs. ...
The tax treatment varies depending on whether you bought the annuity with pre-tax (qualified) or post-tax (non-qualified) funds. For qualified annuities, withdrawals are fully taxed as income.
One advantage of an annuity is that there is no maximum contribution like 401(k)s or … Continue reading → The post How to Avoid Paying Taxes on Your Annuity appeared first on SmartAsset Blog.
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