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Yes, you need to speak with your agent or broker and or your tax accountant tregarding this issue.
What else can I help you with?
Are annuity survivor benefits taxable to annuitant's spouse?
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.
Do you capitalize grantor retained annuity trust?
Yes, Grantor Retained Annuity Trust should be capitalized as it is a specific type of trust.
Does Life with Certain Annuity expire?
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.
Is a Grantor Retained Annuity Trust revocable or irrevocable?
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.
What is a period certain annuity and a life annuity?
Alright, buckle up, buttercup. A period certain annuity pays out for a specific period, even if the annuitant kicks the bucket before it's up. A life annuity keeps paying until the annuitant shuffles off this mortal coil, no matter how long they linger. It's like choosing between a fixed-term fling and a lifelong commitment in the world of annuities.
Are annuity survivor benefits taxable to annuitant's spouse?
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.
Are annuity survivor benefits taxable?
Yes, you need to speak with your agent or broker and or your tax accountant tregarding this issue.
What is more expensive joint life annuity or joint life survivor annuity?
What is the joint and survivor settlemet option
Does Joint-and-survivor annuity pays its installments until the death of the designated survivor?
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What method is used to determine taxable portion of each annuity payment?
The taxable portion of each annuity payment is typically determined using the "exclusion ratio." This ratio is calculated by dividing the investment in the annuity (the amount paid in) by the expected total return (the total amount expected to be received from the annuity). The result is the percentage of each payment that is considered a return of the investment and is thus not taxable. The remainder of the payment is taxable as ordinary income.
What is better a full survivor annuity or a single annuity?
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.
Your husband has an annuity with a joint survivorship what does this mean?
That means that if your husband predeceases you then the annuity payments would go to you as the survivor.
Are US life insurance policies taxable?
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.
Is series of annuity receipts treated as interest income?
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.
How good is allianz variable annuity?
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.
In joint life annuity one person dies does survivor get lump sum?
No, not unless the survivor asked to surrender the policy. If the survivor wants a lump sum, it is available.
Is the annuIty received from an insurance co is taxable?
It grows tax deferred. If you take an income stream or annuitize the annuity, the money is taxed as ordinary income.
