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...PP
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