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Investing/Strategies / Retirement Investing
|Subject: Re: Anunity||Date: 1/11/2000 11:27 PM|
|Author: gtstarling||Number: 17673 of 82226|
eyeball390, you asked:
If i withdraw my annunity before 59 1/2 can this be rolled into an Ira without paying the 10% penailty or income tax?
TTRoberts replied that you can only do this if it is already in an IRA.
This can also be done if the annuity is in some other tax sheltered plan. Many 403(b) plans and some 401(k) plans use annuities. If you have left the job where those plans originated, they can be put into an IRA as well. However, you may have to pay a withdrawal penalty to the holder of the annuity contract.
Annuities are somewhat like Brier Rabbit's Tar Baby - easy to get hold of, but hard to turn loose!
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