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| *Loan,banking and credit>>>deferred tax |
I am over 70 years old. Can i roll-over deferred annuity payments into an IRA without being taxed? |
I am over 70 years old. Can i roll-over deferred annuity payments into an IRA without being taxed? Gerry Adams has disbanded the IRA With all due respect to you sir, you Really need to talk to a CPA or Tax Attorney because you have a problem. What type of IRA do you have? Traditional IRA's and Annuities are BOTH "tax deferred" investment vehicles and I doubt that can "roll-over" Anything into a Roth IRA because you are Over 70&1/2. THAT's the age where you Must start taking distributions from your IRA. As far as I'm concerned, Annuities should be made illegal and theTHIEVES that sell them to people of Your age should be thrown in Jail! If you own your annuity within an IRA, the annuity can be closed out and the money just goes into the IRA. Otherwise, you are limited to the IRA annual contribution limits. Keep in mind that your annuities typically have a surrender charge for the first 4-10+ years of the contract. Be sure to consult with a qualified financial advisor. |
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