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As the beneficiary of a deferred annuity, if I cash it out, must I pay taxes on the money? At what rate?


As the beneficiary of a deferred annuity, if I cash it out, must I pay taxes on the money? At what rate?

Generally you pay taxes on the gain, not on the entire amount. An annuity is a contract. You'll find most of your answers within the contract as each contract is different.

-- A Damn Fine Tax Advisor
Your best answer to that question will be from the administrator of the annuity. They should have all of that information for you.
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