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Can a penalty paid for early withdrawal of funds in an annuity be deducted from Federal Income for tax purposes?
Wiki User
∙ 15y ago
The insurance company surrender charge is not deductible. Nor is the 10% federal penalty.
Wiki User
∙ 15y ago
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How can you withdraw money from annuity?
Your annuity policy document should have all the withdrawal provision detailed for you. If not contact the company you have the annuity with and they can give you instructions. Before you withdraw from an annuity be aware of the tax treatment of your annuity withdrawals.
Is a variable annuity or a fixed annuity a good investent tool?
They are both good invesment instruments when used for the right purposes. Both are insurance policy contracts with distinctive features and differences.
What gains more interest an ordinary annuity or an annuity due?
ordinary annuity
What is monthly annuity?
The option to get annuity every month is called monthly annuity.
What The difference between ordinary annuity and annuity due?
ordinary annuity we paid at the end of the period annuity due we paid at the begging of the period
Can federal tax on an annuity be deducted on your federal tax return?
There is a section on the tax form for deductions. If you keep track of how much money you have paid on an annuity, tax professionals and various tax programs will assist in making the proper federal tax deductions.
How can you withdraw money from annuity?
Your annuity policy document should have all the withdrawal provision detailed for you. If not contact the company you have the annuity with and they can give you instructions. Before you withdraw from an annuity be aware of the tax treatment of your annuity withdrawals.
What is the mailing address for AIG annuity claim?
Mailing Address for AIG Annuity Insurance Company Annuity Withdrawal Form is 205 East 10th Avenue Amarillo, Texas 79101-3546
Where do you find your retirement annuity certificate for tax purposes?
metropolitan
What is the concept of selling annuity about?
Selling an annuity is basically taking a lump sum withdrawal from it. People use it as an investment tool to defer paying taxes on a portion of their money.
When are non qualified annuities taxed?
A non qualified annuity is purchased with after tax dollars. The only portion of the annuity that is taxable is the interest portion. This is taxed upon the withdrawal from the annuity at a ration set forth by the company under the guidelines of the IRS.
i am retiring from federal employment with tsp of 200,00. what would my monthly annutie be ?
You can use the federal government's TSP annuity calculator located here http://www.tsp.gov/calc/annuity/annuity.cfm to calculate the value of your monthly annuity based on your individual status.
What do you have to do to get a withdrawal form from AIG All you want is to withdraw a small amount of interest from your annuity?
Go to the personnel office.
Can you receive a Federal employee disability annuity and a VA disability annuity payment together?
Yes you can collect Federal Disability Civil service and Va disability payment together, but the checks are separate.
Is a annuity check considered income?
An annuity check would be a part of your unearned income amount on your federal 1040 income tax return.
Is a annuity check considered earned income?
An annuity check would be a part of your unearned income amount on your federal 1040 income tax return.
Is a variable annuity or a fixed annuity a good investent tool?
They are both good invesment instruments when used for the right purposes. Both are insurance policy contracts with distinctive features and differences.
