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If an annuity is set up by an employer today, and cannot be used/withdrawn until it 'matures' to a certain value 5 years down the road, can the employer issue a 1099 to an employee - - expecting the employee to pay taxes on end value ($100K) of the annuity NOW, when the employee is not even to be used until 5 years from now?? Please advise, fools....thanks.
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No. of Recommendations: 1
If an annuity is set up by an employer today, and cannot be used/withdrawn until it 'matures' to a certain value 5 years down the road, can the employer issue a 1099 to an employee - - expecting the employee to pay taxes on end value ($100K) of the annuity NOW, when the employee is not even to be used until 5 years from now??

Anyone with a typewriter and blank forms can issue a 1099. I suggest you ask the issuer what the basis of the 1099 is.

Phil Marti
VITA Volunteer
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