Sunday, November 8, 2009

Index Mature Annuity ,maturing Soon. Can I Transfer The Money To An IRA?

Annuity ,maturing soon. Can I transfer the money to an IRA? - index mature

I have an S & P 500 index annuity due soon. When
Elderly can transfer the money to avoid renting to other non-retirement account to pay taxes?

1 comments:

Jim Kirby, CPA/PFS, CFP, CFS said...

Depends. There are two types of income: skilled and unskilled labor. A qualified pension can be transferred to an IRA. The pension is not (unskilled because they used taxpayer money to, to) the pension fund. Its profit and loss account, whether it is "qualified" or "unqualified".

If not eligible, you can use Section 1035, to transfer to another non-qualified pension. Thus the taxes (and penalties will move), otherwise if you only pay the pensions and took the money. Good luck.

Jim Kirby, CPA

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