The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: pre 8/14/82 annuity||Date: 1/23/2008 9:28 PM|
|Author: kmk2006||Number: 97984 of 124470|
I was reading that if I have an annuity contract the contributions prior to 8/14/82 are able to be removed on a fifo basis. My question is I also saw I can exchange the contract for a new one and maintain this option even though the contract will be as of 08. How do i do this on my taxes if I remove the basis?
200k contribution 8/1/81
current value 700k
growth is 520k
so i can remove 200k and no taxes correct? Even if I exchange the contract?
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|