How the funds are taxed coming out depends on the type of funds used to purchase the annuity. If non-taxed (IRA/qualified) funds are used, the income is 100% taxable. If Roth IRA funds are used, as long as the Roth IRA guidelines are met, the income is tax-free. If after-tax funds are used, a portion of each payment is taxable until all of the premium is paid, and then the income is 100% taxable. I hope this answers your question. Thanks for watching!
@@StanTheAnnuityMan Thanks for the response! To make sure I understand correctly, if you use money from a Roth to fund the annuity then when the annuity is paid whether it be through monthly payments or lump sum to beneficiary; it's tax free ???
@@RoyalDynasty11 I'm not a tax expert. You should always consult a tax expert, but as long as the Roth IRA rules have been followed, anything coming out of a Roth is tax -free.
@@StanTheAnnuityMan Fair enough! I really have been enjoying your content and have found a lot of the information to be very resourceful. Especially your perspective on annuities.
@@RoyalDynasty11 I'm glad you are enjoying my channel. Be sure to check out my podcast channel - Fun With Annuities. ruclips.net/channel/UCFQEKHQ9wZlce1xF1YTYrsg
Hi! Is it possible for a beneficiary to petition the court to change the annuity contract to be able to withdraw a portion of the funds after the inheritance?
I got a SSA yearly print out and on the print showed master annuities & Entities are Active Now The SSA wouldn't give me any information on this even though this is my Social Security number and I'm in person with my ID and social security card in hand I wanted to know who getting the payment from this annuities & entities being active and how long has this be going on the only thing I was told is that SSA is not the ones paying out on this .Well I end up finding out that my grandfather. Left me as his successor grantor solo beneficiary and some how family members have been keeping this from me and receiving my benefits since 1991
Great info! Depending on which payout option a client chooses, is the money tax differently once paid out??
How the funds are taxed coming out depends on the type of funds used to purchase the annuity. If non-taxed (IRA/qualified) funds are used, the income is 100% taxable. If Roth IRA funds are used, as long as the Roth IRA guidelines are met, the income is tax-free. If after-tax funds are used, a portion of each payment is taxable until all of the premium is paid, and then the income is 100% taxable. I hope this answers your question. Thanks for watching!
@@StanTheAnnuityMan Thanks for the response! To make sure I understand correctly, if you use money from a Roth to fund the annuity then when the annuity is paid whether it be through monthly payments or lump sum to beneficiary; it's tax free ???
@@RoyalDynasty11 I'm not a tax expert. You should always consult a tax expert, but as long as the Roth IRA rules have been followed, anything coming out of a Roth is tax -free.
@@StanTheAnnuityMan Fair enough! I really have been enjoying your content and have found a lot of the information to be very resourceful. Especially your perspective on annuities.
@@RoyalDynasty11 I'm glad you are enjoying my channel. Be sure to check out my podcast channel - Fun With Annuities. ruclips.net/channel/UCFQEKHQ9wZlce1xF1YTYrsg
Hi! Is it possible for a beneficiary to petition the court to change the annuity contract to be able to withdraw a portion of the funds after the inheritance?
Great question, please feel free to book a call with me to discuss:
www.stantheannuityman.com/book-a-call/
I got a SSA yearly print out and on the print showed master annuities & Entities are Active
Now The SSA wouldn't give me any information on this even though this is my Social Security number and I'm in person with my ID and social security card in hand I wanted to know who getting the payment from this annuities & entities being active and how long has this be going on the only thing I was told is that SSA is not the ones paying out on this .Well I end up finding out that my grandfather. Left me as his successor grantor solo beneficiary and some how family members have been keeping this from me and receiving my benefits since 1991
How will FED NOW affect all retirement accounts? Will it affect the payout?
For me to give you an answer about your specific situation, please feel free to book a call with me!
www.stantheannuityman.com/book-a-call/