Question : when i close my tax sheltered annuity account do i need to pay taxes on the withdrawn money?
my understanding is that a tax sheltered annuity is the same thing as a 410k or 403b is this correct?
- asked by andygatesactor
All Answers:
Answer #1
not if you got it through Ernst and Young(funnyjoke)
- answered by rickg155
Answer #2
a)If the annuity is not qualified, ie. not an IRAor 403B or 401kthen you will be taxed on the gainsonly, as ordinary income.b) If you are under age59 1/2 then the gains will be subject to anadditional 10% IRS penalty.If the annuity isqualified, all the money is taxed as ordinaryincome and subject to condition b).
- answered by bzzzzt_007
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