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All contracts issued by the same company
to the same policyholder during any calendar year
will be treated as one contract for purposes of computing
taxable distributions
Exceptions:
- Annuitized contracts
- Immediate annuities
- Distributions required on death of owner
Contracts issued prior to 10/21/88
Note: If a pre-10/21/88 contract is subsequently exchanged or transferred, the
new contract becomes subject to aggregation.
Premature Distribution Penalty
Penalty:
10% of taxable amount.
Exceptions:
- The owner is over age 59½
- The owner is disabled after contract purchase
- The owner, not the non-owner annuitant, dies
- Pre-TEFRA (prior to 8/14/82 contributions) nonqualified
money
- Immediate nonqualified annuity
Substantially equal payments
- must continue for 5 years or until owner reaches
59½, whichever is later
- must be computed based on life expectancy
- Annuitization (for the owner's life or life expectancy
Note: An exchange from a deferred to an immediate annuity
does not qualify as an immediate annuity for the purposes
of avoiding tax penalty.
Feel free to contact us for a no
obligation, no cost analysis of your
investment portfolio. Our clients benefit
from our counsel and process of customized
service. We are not just selling a single investment
or idea. DeSpenza Capital Management, LLC is
proposing a serious investment process by which
you can manage you money for a lifetime. Please
contact us for a free Complimentary
Consultation to discuss diversification
opportunities for income, savings, and legacy.
This intro page gives you a brief synopsis
of each investment category of service we offer.
Complimentary
Consultation
877-337-7369
email: adespenza@despenza.com
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