non qualifed annuity
a client has a NQ annuity worth 14k. Her cost basis is 13k. she is 45 yrs old.
Am i correct in stating: that if she needed to take out the money, she would only be taxed on the $1000 and be hit with a 10% penalty only on the $1000?
Thank you,
Doug
Permalink Submitted by Al Fry on Thu, 2008-07-31 00:32
Correct. No gain, no pain.