Colorado Bankers (CB Life)...

[Dan T]

CBL 's portal only reflects state guarantee payout. No indication of the overage

 

[ProActive]

Did anyone else not receive a letter yet?

 

[Dan T]

i asked CBL to send the letter in an email, the pages are available on the CBL portal

 

[Allen Trent]

I just feel like we are SO CLOSE.....

SO CLOSE.....

and yet.....so far??

Can hardly believe this nightmare is actually ending and this horrific rollercoaster ride is stopping soon....I just want to get off the ride and move on with my life and my money.

Did that scumbag ever get sentenced?

sadly, the nightmare will linger a bit longer as individuals will get a 1099 at end of 2025 for the taxable amount of their policy caused from surrendering the policy instead of rolling/1035 exchanging it to a new carrier. So, keep some money available for taxes & also pay some of those taxes with estimated quarterly taxes or face added penalties next April at filling time

 

[dnmarks55]

sadly, the nightmare will linger a bit longer as individuals will get a 1099 at end of 2025 for the taxable amount of their policy caused from surrendering the policy instead of rolling/1035 exchanging it to a new carrier. So, keep some money available for taxes & also pay some of those taxes with estimated quarterly taxes or face added penalties next April at filling time

Some of us paid the majority of our taxes last year when we took a 25% payout of the annuity. The IRS required that taxable interest be taken out first before any principal is paid.

 

[Allen Trent]

Some of us paid the majority of our taxes last year when we took a 25% payout of the annuity. The IRS required that taxable interest be taken out first before any principal is paid.

Yup, that would be the case for the non qualified ones. Owners of IRA qualified versions will have the entire check amount reported as taxable if it isn't rolled over to another IRA

 

[Dan T]

Mine is qualified. I rolled the 25% into an IRA, plan on doing the same if state guarantee pays out, a Charles Schwab IRA money market account pays monthly into your brokerage account.

I would be curious to hear of any other suggestions

 

[Allen Trent]

Mine is qualified. I rolled the 25% into an IRA, plan on doing the same if state guarantee pays out, a Charles Schwab IRA money market account pays monthly into your brokerage account.

I would be curious to hear of any other suggestions

Just be careful, the IRS only allows 1 indirect IRA rollover each year no matter how many IRA accounts you have at different places. IE: if you take possession of the check & then give it to a new IRA custodian, you can only do that 1 time per year. But you can do an unlimited number if direct rollovers/transfers if the check goes directly from 1 IRA custodian to the other custodian