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If the annuity is a non qualified tax deferred annuity (an annuity that taxes were paid on the money before they were placed into the annuity) you will pay taxes on any interest growth when it is removed from the annuity. If the annuity is a qualified annuity (no taxes were paid prior to placing the fund into the annuity) you will pay taxes on all withdrawals from the annuity.
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∙ 10y ago
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Why do you have to pay Federal Income Tax on an annuity you received after your father's death?
The money you receive from the annuity is income. All income is supposed to be reported and taxes paid on it.It depends upon where that money came from in your fathers estate. If this annuity came from your fathers annuity which was established from IRA or a 401K which had never paid taxes on -then the annuity now needs to pay the taxes.If the annuity came from life insurance then their is no taxes to pay. If the annuity came from prepaid tax money there would be no taxes to pay. etc.
If you inherited an annuity do you have to pay taxes on it?
I feel like we were taken advantage of...Advised that our inheritance of an annuity was not to be taken in a lump sum, because of taxable income....They talked us into taking another annuity...which we are paying taxes on!What re course do we have, other than a lawsuit?Which I may consider...
Do you pay taxes from annuity from husbands death?
YES!
Do you pay taxes on executor fees if you are also an heir?
You will pay income taxes on all income, including fees your earned. You would not pay inheritance tax on that amount. It would be a good idea to consult a probate attorney in your state.
Will you pay taxes on your pension?
Yes could have to pay some income taxes on your pension income.
Why do you have to pay Federal Income Tax on an annuity you received after your father's death?
The money you receive from the annuity is income. All income is supposed to be reported and taxes paid on it.It depends upon where that money came from in your fathers estate. If this annuity came from your fathers annuity which was established from IRA or a 401K which had never paid taxes on -then the annuity now needs to pay the taxes.If the annuity came from life insurance then their is no taxes to pay. If the annuity came from prepaid tax money there would be no taxes to pay. etc.
Do you have to pay taxes in the US on income earned outside the US?
Yes
Do you have to pay taxes on earned interest?
Yes, interest income is taxable.
Do i have to pay taxes for doing private clients hair?
Yes. You must pay income tax on all earned income.
Do family members have to pay taxes on a parent's annuity when parent deceases?
Yes the annuity payments are taxable income to the beneficiaries in the same way that they were taxed to the deceased taxpayer.
Does a 70-year-old pay taxes on income earned?
no they are considered to be an senior citizens
Do seniors have to pay taxes on earned income at age eighty two years old?
no
If you inherited an annuity do you have to pay taxes on it?
I feel like we were taken advantage of...Advised that our inheritance of an annuity was not to be taken in a lump sum, because of taxable income....They talked us into taking another annuity...which we are paying taxes on!What re course do we have, other than a lawsuit?Which I may consider...
Do immigrants pay the same amount of taxes as Americans?
Taxes on income earned in the US is the same for all wage earners.
Do you have to pay taxes on an annuity you get monthly for a wrongful death?
NO
Do you pay taxes from annuity from husbands death?
YES!
Do you pay taxes on executor fees if you are also an heir?
You will pay income taxes on all income, including fees your earned. You would not pay inheritance tax on that amount. It would be a good idea to consult a probate attorney in your state.
