Author: TMFPixy Date: 11/4/00 7:21 AM Number: 25954 Greetings, Porcelina23, and welcome. You asked:<<I inherited a fixed annuity that really needs to be moved out of its current situation. I have been advised to do a 1035 exchange to a variable annuity to avoid taking the tax penalty. I am under the age of 30 and would like to know if this is really the best option for the investment.>>If you wish to avoid income taxes and the early withdrawal penalty on any gains in that annuity, then a 1035 exchange is the only option for you.Since this annuity is inherited, there wouldn't be any withdrawal penalties to the beneficiary, would there? Wouldn't there only be taxes on the gains?Russ
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