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can you suspend an annuity payment?
09-25-2018, 03:58 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,150
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can you suspend an annuity payment?
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?
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09-25-2018, 04:02 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 35,375
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Not typically to my knowledge... but it wouldn't hurt to call the insurer and ask if the contract can be restructured.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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09-26-2018, 05:56 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,150
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thanks.
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09-26-2018, 07:22 AM
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#4
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Recycles dryer sheets
Join Date: Jan 2014
Location: Voorheesville, NY
Posts: 194
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Put it in an IRA?
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09-26-2018, 08:21 AM
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#5
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Recycles dryer sheets
Join Date: Jun 2010
Location: Southwest Florida
Posts: 470
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 Quote:
Originally Posted by jpeter1093
Put it in an IRA?
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How can you do that?
Gill
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09-28-2018, 07:48 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2002
Posts: 1,619
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Quote:
Originally Posted by Gill
How can you do that?
Gill
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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).
__________________
friar1610
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09-28-2018, 07:52 PM
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#7
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Recycles dryer sheets
Join Date: Jun 2010
Location: Southwest Florida
Posts: 470
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Quote:
Originally Posted by friar1610
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).
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That’s what I was saying, i.e., you can’t.
Gill
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09-28-2018, 07:53 PM
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#8
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Recycles dryer sheets
Join Date: Jan 2014
Location: Voorheesville, NY
Posts: 194
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I was thinking could you put the payments in an IRA to neutralize the tax situation?
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09-28-2018, 07:56 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,346
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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.
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09-28-2018, 07:59 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,346
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Quote:
Originally Posted by jpeter1093
I was thinking could you put the payments in an IRA to neutralize the tax situation?
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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.
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09-28-2018, 08:41 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jun 2002
Posts: 1,619
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Quote:
Originally Posted by Gill
That’s what I was saying, i.e., you can’t.
Gill
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Too subtle for me. 
__________________
friar1610
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