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Variable Annuity Question

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ByWayne

L1: Variable Annuity QuestionI know this is off somewhat off-base for this site but you are so up to speed about these subjects, I wonder if you could help me. I’ve been told that allowing a bank to do an Assignment of my Non-Qualified Variable Annuity is not a taxable event. Is that true? Thanks as always!2003-08-20 19:57, By: Wayne, IP: [127.0.0.1]
L2: Variable Annuity QuestionHave the bank review IRC Section 72(e). Summarized_ Policy dividends, cash withdrawals, amounts received as loans and the value of any part of an annuity contract pledged or assigned, and amounts received on partial surrender under annuity contracts entered into after August 13, 1982 are taxable as income to the extent that the cash value of the contract immediately before the payment exceeds the investment in the contract.2003-08-21 05:07, By: Gfw, IP: [127.0.0.1]

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