Manteca
New Member
Is it possible?
Do any carriers offer this?
Thanks!
Do any carriers offer this?
Thanks!
Joint Life Payout on an IRA SPIA?
- Thread starter Manteca
- Start date
- 428
simple answer is NO!!
- 1,802
Accurate and to the point; good job.
The reason the answer is NO is because you can not have a joint ownership on qualified money.
- 10,711
Do a single life with a long period certain. Then make the wife the beni, and it basically kinda does the same thing.... almost.
- Thread starter
- #5
Manteca
New Member
Yes, that's precisely that concept that led me to wonder if a joint life payout was possible. It is not unheard of for a person or entity with no rights of ownership on the contract to receive payments from said contract, either through period certain, life with refund options etc.
I am well aware that qualified plans can not have joint ownership but since the IRS has no real requirements or limitations on how IRA money is actually paid out per se (other then requiring RMDs) I wasn't sure if any companies had figured out some sort of workaround in order to allow this.
Last edited:
- Thread starter
- #7
Manteca
New Member
Thank you. I do most of my business with Midland and I was told they do not allow this. I haven't checked with Symetra though.
I was told by a friend that he personally has sold an ING SPIA that allowed joint payouts though. It's a variable product however.
- 1,802
Let us know. If that is the case they are doing things wrong. An IRA or Qualified money can only be owned by 1 person/ 1 taxpayer ID.
If an individual chooses to annuitize the money; it can only be off of one individuals life. Now you can leave the money to a bene, and have some kind of payments automatically go to them upon your death.
A true JT. payout would require Jt.ownership and as such would create a taxable event with qualified money on the entire sum. Remember like kind to like kind, and this does refer to ownership as well.
Last edited:
Well I just spoke with Midland, they will do a joint payout with qualified funds, they said annuitant/owner is the qualified fund individual and on the payout election form you select a joint payout, list the joint persons information and that will do it....to be sure this is a confusing issue.....
