Tax consequences of liquidating an annuity
If you'd like to see a non-qualified annuity calculation, simply enter your age, income start date, and amount to invest, in our Annuity Quote Calculator, and click the Get My Quote button. Annuities are classified in a number of different ways.For federal tax purposes, annuities are classified as either qualified or non-qualified.Using these retirement funds to secure a real estate purchase may, at first glance, appear an easy way to come up with the money.
You should consult with a competent tax professional before buying an annuity or before making changes to any existing annuity which may potentially trigger a taxable event. For updates, please see the Government Affairs Issues pages.The following is provided for educational purposes and is not tax or legal advice.Please consult with your tax and legal advisors regarding your personal circumstances.This section explains the federal income taxation of annuities.