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My mother has a single premium deferred annuity when she dies do her children receive cash from that annuity?
Are the children the beneficiary's of the Annuity? Annuity's are like Life insurance, they have named beneficiary's listed in the contract. If the children are listed, then yes they are going to benefit from this account.
What is a deferred operator in an auto?
A deferred operator on an auto insurance policy is a driver who has his or her own insurance policy. If these people drive your car as well, they would be deferred operators.
What is the latest date to which verification of the identity of the beneficiary of a life assurance policy can be deferred by a designated person?
There is no time limitation to verify the identity of the beneficiary. You can also change a beneficiary at any time.
Does deferred compensation become non- taxable after death of employee?
Many deferred compensation plans have a death benefit/life insurance element. Typically the death benefit insurance is paid for by the employer. In most situations the company does not take an expense for this and the employee does not take it into income, therefor the benefit is being paid for with dollars that have not been taxed. Thus making the death benefit taxable to the beneficiary.
Can you transfer an inherited IRA to another beneficiary?
Yes, an inherited IRA can be transferred to another beneficiary through a process called a "trustee-to-trustee transfer" or a "direct transfer." This allows the new beneficiary to continue the tax-deferred status of the IRA.
When is astudent loan forgiven?
A law was passed in 1998 that has made it even more difficult to discharge a student loan in bankruptcy. It is incredibly difficult to discharge a loan in this way, and the only approach is to convince a court that repaying the loan would create a severe hardship for you. Otherwise there are options to research into getting your loan payments postponed and/or deferred.
Unexpired insurance at the end of the fiscal period represents is it an accured asset liability expense or deferred expense?
deferred nexpense
I had a deferred payment and my car was stolen and never recovered. Will my full coverage or gap insurance cover the deferred payment?
Most gap insurance policies do not cover deferred payments. NOTE - do not accept an offer to settle on the deferred payments. This may reflect on your credit bureau that the debt was settled for less than the ballance in full.
What is the tax consequence of amounts received from a Traditional IRA after the money was left in the tax-deferred account by the beneficiary?
When a beneficiary withdraws amounts from a Traditional IRA, those distributions are generally subject to income tax as ordinary income, regardless of how long the funds were left in the tax-deferred account. The beneficiary must report the withdrawn amount on their tax return for the year it is received. Additionally, if the beneficiary is under age 59½, they may also face a 10% early withdrawal penalty, unless an exception applies.
Can life insurance be tax deferred?
Life insurance proceeds are tax exempt (except in rare circumstances). There is no need to defer taxation.
Can you write off whole life insurance on your business?
Life insurance is tax deferred so you cannot use the premium as a tax write-off.
Does a DUI deferred judgment in Iowa still on your record?
A DUI deferred judgment in Iowa will show up on your driving record, but it may not be considered a conviction if you successfully complete the terms of the deferred judgment. However, it can still have consequences such as affecting your insurance rates and appearing on background checks.
