Yes, you need to speak with your agent or broker and or your tax accountant tregarding this issue.
Yes, Survivor annuity income is generally taxable as ordinary income. However, a portion of the annuity may be considered tax-free if it is designated as a return of the retiree's after-tax contributions. It's advisable to consult with a tax professional for personalized advice based on your specific situation.
Yes, annuity survivor benefits are generally taxable to the annuitant's spouse as income when received. The taxable amount will depend on factors such as the type of annuity, how the annuity was funded, and any contributions made with pre-tax dollars. It is advisable to consult with a tax professional for specific guidance.
A period certain annuity guarantees payments for a specific period, such as 10 or 20 years, regardless of the annuitant's lifespan. A life annuity provides payments for the lifetime of the annuitant, ensuring income for as long as they live but ceasing upon their death.
Yes, Grantor Retained Annuity Trust should be capitalized as it is a specific type of trust.
Life with a certain annuity typically does not expire for the duration specified in the contract, which could be for a set number of years or for the life of the annuitant. Once the specified period ends, the annuity payments cease.
A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust that allows the grantor to transfer assets to beneficiaries while retaining an annuity interest for a specified period. Once the GRAT is established, the terms cannot be changed or revoked by the grantor.
Yes, annuity survivor benefits are generally taxable to the annuitant's spouse as income when received. The taxable amount will depend on factors such as the type of annuity, how the annuity was funded, and any contributions made with pre-tax dollars. It is advisable to consult with a tax professional for specific guidance.
Yes, you need to speak with your agent or broker and or your tax accountant tregarding this issue.
What is the joint and survivor settlemet option
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It depends on what you are wanting to accomplish. If you want to make sure both parties receive an income even after the death of one of the parties then the survivor annuity is your option. If you are not worried about future payments after the death of the fist party then utilize the single annuity.
That means that if your husband predeceases you then the annuity payments would go to you as the survivor.
As a general rule, life insurance policies in the US are not taxable. However it is taxable if it is combined with a non-refund life annuity.
Are you saying you are receiving payments from an annuity? Yes and no. It depends on how you are taking the money out. If you are taking interest only payments than 100% is taxable. If you are taking a combo than a portion is taxable.
No, not unless the survivor asked to surrender the policy. If the survivor wants a lump sum, it is available.
The Allianz variable annuity is good for anyone wanting to prepare for their future or protect their retirement. A Allianz annuity is great for market growth and deffered taxable income.
It grows tax deferred. If you take an income stream or annuitize the annuity, the money is taxed as ordinary income.
Yes the annuity payments are taxable income to the beneficiaries in the same way that they were taxed to the deceased taxpayer.