I have an annuity that is paying me monthly. In my current situation I do not need the money and it is adding to my tax burden. Is it possible to suspend the payments until I need them or will there be repercussions of some type? will the interest and payments stay the same when I resume? anyone know?
can you suspend an annuity payment?
- Thread starter frank
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pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Not typically to my knowledge... but it wouldn't hurt to call the insurer and ask if the contract can be restructured.
jpeter1093
Recycles dryer sheets
Put it in an IRA?
Gill
Recycles dryer sheets
Pretty sure you can't if it's already been annuitized. And if it hasn't been annuitized only if it's from a "qualified" plan that is also an annuity (like some of the TIAA plans).
Gill
Recycles dryer sheets
jpeter1093
Recycles dryer sheets
I was thinking could you put the payments in an IRA to neutralize the tax situation?
target2019
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Once you take lifetime stream, can't undo. The taxable portion is evenly distributed.
We're currently looking at three inherited annuities, that were not annuitized.
After two calls to this well-known company, we still need to follow up with more calls, to find someone who actually knows all options. These three are rather smallish, and add up to 75K. So we're thinking it is better to settle 1 each year for next three years.
Only a qualified annuity (pre-tax dollars used to purchase) can rollover to an IRA.
We're currently looking at three inherited annuities, that were not annuitized.
After two calls to this well-known company, we still need to follow up with more calls, to find someone who actually knows all options. These three are rather smallish, and add up to 75K. So we're thinking it is better to settle 1 each year for next three years.
Only a qualified annuity (pre-tax dollars used to purchase) can rollover to an IRA.
target2019
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
If you have earned income and are under income limitations, you can contribute to IRA.
You pay taxes on the taxable portion of the annuity.
These are not related concepts.
