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Annuity

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ByBob C

L1: Annuity
Can you take an early withdrawal on a non qualified annuity without a penalt?.
Thanks
Bob2002-12-27 18:32, By: Bob C, IP: [127.0.0.1]

L2: AnnuityHello Bob:
Annuities are not covered by IRC 72(t); instead they are covered by IRC 72(q) as well as the annuity contract provisions. Best you check with the insurer.
TheBadger
wjstecker@wispertel.net
2002-12-28 07:45, By: TheBadger, IP: [127.0.0.1]

L2: Annuity72(q) governs non-qualified annuities and yes, you can establish a SEPP plan to eliminate the early distribution penalty.
Check put the FAQ – please note, non-qualified annuities appear to be subject to IRS Notice 89-25 rather than the much more restrictive Rev. Rul. 2002-62.
As per the previous reply, contact the insurance company that issued the contract and remember that while the IRS may waive their penalty, the Insurance Company probably won”t waive theirs.2002-12-30 12:04, By: Gfw, IP: [127.0.0.1]

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