converting an annuity in an IRA account to a Roth IRA account, will clinet be taxed on the contract value of the income ben
When converting an annuity in an IRA account to a Roth IRA account, will clinet be taxed on the contract value of the income benefit value?
Permalink Submitted by Alan - IRA critic on Thu, 2016-07-07 22:45
All values are considered, so the 1099R will be for more than the surrender value. You would need to get a quote from the insurance company in order to know in advance what would be reported on the 1099R. See this article:http://www.investopedia.com/articles/retirement/10/rules-converting-ira-annuity-to-roth.asp