Phyllis Christos
Expert
- 49
So they actually told you it would only be for 5 months? Ours is about the same amount and they indicate it will be for 12 months...
Colorado Bankers (CB Life)...
- Thread starter FETalk
- Start date
So they actually told you it would only be for 5 months? Ours is about the same amount and they indicate it will be for 12 months...
Phyllis Christos
Expert
- 49
Of course -- I don't believe anything anyone says anymore....
Until the first payment gets deposited into my bank account on or around May 1st.... I remain skeptical....
This whole "election of accumulated interest" process has been a total horror show.
The folks at Kroll seem totally confused about what they're doing!
It's like they're absolutely clueless...
Until the first payment gets deposited into my bank account on or around May 1st.... I remain skeptical....
This whole "election of accumulated interest" process has been a total horror show.
The folks at Kroll seem totally confused about what they're doing!
It's like they're absolutely clueless...
- 4,920
traditional IRA would also be reported as fully taxable as that is how traditional accounts would work.
the only 2 scenarios I can think of that would have these interest payments be taxable would be:
1. Roth IRA account as long as the taxpayer held a Roth for 5+ years & was over age 59 1/2. Under age 59 1/2, you are allowed to pull out your cost basis tax free from a ROTH before having to touch the taxable interest
2. If you opened your CBL NQ Annuity with a 1035 exchange from another Annuity (variable stock market annuity) or Life insurance policy where the former policy had less money in it than your original investment cost basis, your losses in that former policy would have come over into your CBL NQ Annuity & thus, it is possible that the CBL still has less total value than your original cost basis from the prior Annuity/Life you owned...........but good luck thinking that CBL even received the proper tax cost basis from the prior company
- 4,920
I dont know who Kroll is, but I am sure they are indeed clueless because they can only do what they are instructed to do & I am guessing Kroll hired all new people to handle this. There really is no business plan or "how to " out there as there is no talent pool out there on how to handle an insurance company that had their CEO steal all the money from the company. Likely an ongoing clown show
Don't count on it going to court on that day until the trial has actually started, Know of a case that has pending trial for 10 years. Has been rescheduled for a jury trial 17 times.
