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Author: eyeball390 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Annunity Date: 1/11/2000 2:06 AM
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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
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17640 of 75383
Subject: Re: Annunity Date: 1/11/2000 9:41 AM
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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

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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17642 of 75383
Subject: Re: Annunity Date: 1/11/2000 11:00 AM
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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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