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Pixy -

If an annuity owner makes regular withdrawals from a non-qualified tax-deferred annuity, he/she will take "gain" before basis (LIFO basis), however if he/she converts, in whole or in part, into an immediate annuity, he/she will receive some basis with every payment.

I know this won't change in the income received from ordinary income into capital gains, but it can help to minimize the total taxable amount somewhat...

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