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SVTPerformance's Chain of Restaurants
Road Side Pub
Anyone know anything about annuities?
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<blockquote data-quote="Ohio Snake" data-source="post: 16474187" data-attributes="member: 157862"><p>HelloDouble O. </p><p></p><p>For annuities, it sounds like you are the beneficiary on e few annuity contracts. The question is whether these contracts are qualified (IRA type) or non qualified ( after-tax). In both cases, you may be able to exercise a few options.</p><p></p><p>Qualified options:</p><p></p><p>lump sum distribution - entire distribution is taxable</p><p>5 year distribution rule- account must emptied within 5 years....I need to check this further since the distribution rules changed recently.</p><p>10 year distribution rule- this recently replace the Stretch IRA ruling. This seems to be the best option to control taxation.</p><p></p><p>Non Qualified option:</p><p></p><p>Lump sum- the entire GAIN PORTION is taxed at ordinary income tax rate. If there is little gain, this may be fine to exercise.</p><p></p><p>Stretch Non Qualified annuity- must stay inside an annuity to exercise and the carrier must offer this option or find a carrier who who accepts this transfer type. The goal is to take distribution based on your life expectancy each year to control taxation with the option to take more if needed. This will be the best option if there are large gains on the contract.</p><p></p><p>If either contract is annuitized, the contract stipulates the annuitization type used and distribution will be specified. </p><p></p><p>Feel free to PM me with additional info on your contracts then I can tell you the best strategy to use.</p><p></p><p></p><p>Sent from my iPad using Tapatalk</p></blockquote><p></p>
[QUOTE="Ohio Snake, post: 16474187, member: 157862"] HelloDouble O. For annuities, it sounds like you are the beneficiary on e few annuity contracts. The question is whether these contracts are qualified (IRA type) or non qualified ( after-tax). In both cases, you may be able to exercise a few options. Qualified options: lump sum distribution - entire distribution is taxable 5 year distribution rule- account must emptied within 5 years....I need to check this further since the distribution rules changed recently. 10 year distribution rule- this recently replace the Stretch IRA ruling. This seems to be the best option to control taxation. Non Qualified option: Lump sum- the entire GAIN PORTION is taxed at ordinary income tax rate. If there is little gain, this may be fine to exercise. Stretch Non Qualified annuity- must stay inside an annuity to exercise and the carrier must offer this option or find a carrier who who accepts this transfer type. The goal is to take distribution based on your life expectancy each year to control taxation with the option to take more if needed. This will be the best option if there are large gains on the contract. If either contract is annuitized, the contract stipulates the annuitization type used and distribution will be specified. Feel free to PM me with additional info on your contracts then I can tell you the best strategy to use. Sent from my iPad using Tapatalk [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Anyone know anything about annuities?
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