Taxation on Closing an Annuity

If you own an annuity or are considering investing in one, you must familiarize yourself with the potential tax consequences surrounding deposits and withdrawals. Annuities are available from countless insurance companies, and each product has its own features and benefits.

However, regardless of the contract provider and the specific type of annuity, the same rules regarding taxation of contributions and distributions apply to all of the products .

Tax Rules for Fixed Annuities

If you own a fixed annuity, or are considering investing in one, you must become familiar with the tax treatment of these types of accounts. Since annuities are retirement investment vehicles, specific IRS regulations affect contributions, accumulation, withdrawals and taxation of these accounts.

The specific type of annuity you own, whether it be fixed, variable or indexed, is irrelevant as far as how these rules are applied and the tax treatment of these products.

Taxes on a Retirement Account: Monthly Withdrawal Vs. Annual

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08/29/2011

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Can I Claim a Tax Deduction on My Retirement Money?

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08/29/2011

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Tax Responsibilities When Cashing in an Annuity

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08/29/2011

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Can an Annuity Be Set Up to Go to Your Children at Your Death?

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08/28/2011

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Tax-Deferred Annuity Taxation Rules

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08/23/2011

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Taxes on Partial Lump Sum Retirement Payments

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08/22/2011

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Tax Rules on Nonqualified Annuities

Annuities are retirement investment vehicles maintained by life insurance companies. If you invest in a non-qualified annuity, you may contribute as much money as you want and any growth in the account remains untaxed until you withdraw it.

Specific tax legislation exists detailing the time, manner and amount of the taxes due on distributions from these accounts.

When Is Withdrawing From an Annuity Taxable Income?

Annuities are tax-advantaged retirement investment products offered by life insurance companies. Money within annuities grows tax-deferred until it is withdrawn. These products offer potentially significant opportunities for investors to accumulate money for use during retirement. 

Withdrawals from annuities are always taxable, regardless of the type of annuity or the time the withdrawal is made. However, different scenarios and situations may result in different taxable amounts, including the presence of penalties or mandatory distributions.

Taxation of Non-Qualified Annuities

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08/21/2011

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How Does a Load Work in Investments?

If you plan to invest money in mutual funds, understanding the fees and expenses associated with buying and selling shares is essential to making proper decisions regarding the safety and security of your financial future.

Loads vary in size and the time and manner in which they are assessed to your account. The differences in how and when sales loads are added to mutual fund purchases are called share classes, and not all classes of funds are appropriate for all investors.

Tax Requirement of Early Withdrawal of an Annuity

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08/17/2011

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Tax Consequences to the Annuity Beneficiary

If you or your spouse own an annuity, or if you are the beneficiary of one, you must familiarize yourself with the various income tax consequences of the different death benefit payout options.

Not all payout methods are available to all beneficiaries, as the most flexibility is given to the owner's spouse. However, an annuity owner's spouse is not obligated to choose the payout methods reserved only for spouses. The spouse can instead pick any of the other options offered to non-spousal beneficiaries.

The Issuer and Credit Card Types

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Credit cards are available from countless banks, lenders, retail establishments and other issuers. The specific type of card you obtain depends on your income, credit history and intentions with respect to the card's use.

As the plethora of available card types and lenders offering them continues to increase, it's easy to become confused and find yourself struggling to make a decision.

How Do Capital Gains and Distributions Work in a 403(b)?

Article originally published on The Motley Fool (08/09/2011)