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Taxes on expired annuity
Old 01-30-2018, 12:22 AM   #1
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Taxes on expired annuity

I have to cash out an inherited annuity from Nationwide [68k]
in March 2018. That is the only option available.
Is it better to just take the whole amount and pay the
tax at file time, or let them withhold it? I think I
only have to pay tax on the gains with this account.
When I use Turbotax, it usually logs into my other
accounts and grabs the information it needs, but
I don't think I have an online account with Nationwide.
Of course this will be for next year's return.

Thanks

Mike
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Old 01-30-2018, 09:07 AM   #2
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I'll be interested to know if it's really just the gains, I suppose original documents show you the basis.
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Old 01-30-2018, 09:34 AM   #3
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The only tax issue I see is that you could be under-withheld when you file your taxes, and the amount could be big enough to trigger a (small) penalty.
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Old 01-30-2018, 11:17 AM   #4
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Quote:
Originally Posted by Sunset View Post
I'll be interested to know if it's really just the gains, I suppose original documents show you the basis.
Usually, the statement will show a "TEFRA basis" so you can figure out the gain.

As to withholding, it is up to you. If you are paying estimated taxes, that is another way to handle the liability.
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Old 01-30-2018, 06:13 PM   #5
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Thanks for the advice, I might find an accountant for this one just to make sure.
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