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| *Loan,banking and credit>>>deferred tax |
If I have a deferred annuity, can I roll it over to a new deferred annuity without a tax penalty? |
I want to close out my account with a firm, so I would like to "roll over" my deferred annuity to another financial institution. But I don't want to have to liquidate it and suffer an early-withdrawal penalty. Can I roll it into another deferred annuity? The first question you need to answer is whether or not the Contingent Deferred Sales Charge has gone away or not. They usually last for 7-10 years depending on the company. If the account is "penalty free" then you could transfer the account to a different company. If the annuity is non-qualified, you can do a 1035 exchange into a new annuity. If it is an IRA or qualified plan, you could rollover the annuity into a new annuity or other qualified account. As long as you don't take possession of the money, there will be no tax consequences. Source(s): I have worked in the industry for 9+ years. Discuss it with somebody who specializes in this area, such as a tax accountant. |
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