His $50,000 Annuity Finally Paid Out $250,000. Medicare Counted $200,000 in One Year.
· finance.yahoo.com
A retiree spent three decades building a nest egg inside a single annuity contract, then collected it all in one afternoon. What arrived two years later had nothing to do with the insurance company.
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Taking a nonqualified annuity as a lump sum forces all gains into one tax year as ordinary income, not at the lower capital-gains rate.
A $200,000 ...