nonqualified annuity
Hi,
I have a 78 year old man who has a nonqualified annuity with about $23000. He had put in $20,000 approximately in 2014. He doesn’t pay taxes. He is looking at rolling this into a different nonqualified annuity. Is there anything that I need to be aware of tax wise?
Thanks.
Permalink Submitted by Alan - IRA critic on Mon, 2022-11-07 21:52
There are no current taxes if this is done with a Sec 1035 exchange directly between companies. However, if he receives a distribution check from the first company, then 3,000 of the distribution will be taxable.