If I withdraw my annunity before 59 1/2 can it be rolled over to my Ira without the 10% penailty or paying income tax?Thanks
Greetings, Eyeball390, and welcome. 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?>>That depends on the annuity. If it's already inside an IRA, then on surrender the net proceeds you receive may be transferred to another IRA free of taxes and penalty. OTOH, it it's just a regular annuity you bought from an agent, then on surrender any gain over your cost will be taxed and penalized. Additionally, none of the net proceeds may be transfered to an IRA.Regards..Pixy
TMFPixy, you wrote:<< .... it it's just a regular annuity you bought from an agent, then ....>>Hmmmmmm??? Why would you assume it was an annuity "bought from an "agent"? (grin)These days, many annuities are being bought without the aid of an agent or salesperson. . . .right? ;-)
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