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How are annuities income taxed?
30Mar2008 Filed under: Advertising & MarketingQuestion:
How are annuities income taxed?
Answer:
The total exemption from all pension plans cannot exceed $6,000 per taxpayer. The exemption refers to income from an employer-sponsored pension plan. With annuities and 401k plans, the portion that employers pay is taxable, while the portion the employees pay can be applied to the $6,000 exemption. Persons age 65 and over who do not claim the $6,000 deduction qualify for a $20 tax credit per taxpayer. A surviving spouse qualifies for the pension exemption. All out-of-state pensions are taxed the same as in-state pensions.
Resource related business question and answer:
Fool.com: Annuity Taxation [Annuities]
The remaining $4,554 of that payment will be subject to ordinary income taxes. Taxes on Variable Annuities. Taxes on a variable annuity work a little differently.Annuities - Manage Your Income Taxes | Smith Barney
Annuities Why Start Saving Now? Help Manage Your Income Taxes Help Manage Your Income Taxes. Unlike pensions, Social Security or IRAs, the owner of a nonqualified annuity decides ...People Also View other Questions
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