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Author: breakermaker One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 25318  
Subject: Re: Variable annuity contract? Date: 12/21/2000 8:34 PM
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I am another of those burned by AmEx!! Fortunately/Unfortunately I did not give them too much of my money.

I still have an annuity remaining with them that I am trying to get out of. I am willing to pay the surrender charge of 7% they have (which in my case is less than $200).

My question is regarding the 10% penalty the IRS will impose. Is this 10% calculated on the entire amount of the surrender value or only the gain.

In my case the value of the annuity is less than the amount I invested in it. Can I then offset theis loss against other capital gains I have had this year?

Regards
breakermaker

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