Using life annuity with 72t

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L1: Using life annuity with 72tI am considering using a single premium life annuity for a lump sum rollover (age 53). The quoted lifetime payment is a little higher than the highest allowed 72t payment according to the calculator. If I did this, would I just be liable for the 10% penalty on the excess amount (about $40 per month is all it is) or would this negate the whole plan?2004-10-11 07:14, By: Dan, IP: [24.13.248.157]
L2: Using life annuity with 72tHi Dan.
I’m sure TheBadger or GFW can comment on the specifics of the tax code, but certain annuity payments negate the 10% penalty completely. I’m not sure which types of annuity payouts qualify and which don’t. Also, check with your annuity company’s Advanced Marketing office and they can tell you.
Jim2004-10-11 09:17, By: Jim, IP: [68.1.157.228]