my understanding is that a tax sheltered annuity is the same thing as a 410k or 403b is this correct?
Answers:
a)If the annuity is not qualified, ie. not an IRA or 403B or 401k
then you will be taxed on the gains only, as ordinary income.
b) If you are under age 59 1/2 then the gains will be subject to an additional 10% IRS penalty.
If the annuity is qualified, all the money is taxed as ordinary income and subject to condition b).
not if you got it through Ernst and Young
(funny joke)
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...
Restrictions on filing previous years income tax returns?
Please help ASAP!Taxes in san Diego California??
Why isn’t the tax on interest adjusted for inflation?
How much federal tax does mcdonalds pay from global sales. thanks?
I just purchased a home, got married, and have two jobs. What type of tax refund/benefits should I expect next
How do I get a W9 Form?
If I make a monthly withdrawal of Rs25000 from the mutual funds that I have invested in,am I taxed ?
In dollars, what was the amount of total fines levied by the SEC in 2006?
How do I pay my Michigan taxes after I have filed and still owe?