Annuitiy & Taxes
Date: Fri, 04/16/2010 - 02:19
My Dad passed away in July of 08. Before he died he made me beneficiary of an annuity which I have no knowledge of annuities what so ever. I recieved a letter today saying I owe 15k. I called one of the Tax Debt relief places that are online, and they said thru them they could take of the debt by paying 270.00 a month for 60 months.... charging 6% interest.. My other problem now is my 2009 tax filing. I was told and led to believe that annuities were tax exempt..
As par I know annuity grows tax deferred and taxes get applied t
As par I know annuity grows tax deferred and taxes get applied to it when it becomes payable to the annuitant. The same is the case with the beneficiary. However, you should get it clarified by a tax professional.
