Joint Life Payout on an IRA SPIA?

I just got out of a meeting with a Jackson National VA wholesaler. They offer joint payout on qualified funds with their VAs. Its based on the younger of the two.
He said its possible with SPIAs as well.
 
The annuitant is not always the owner.... Seems obvious that if you can have a joint annuitant on a VA, you can do so with other types of annuities.

Midland's spia software is has joint annuitant as a select on qualified monies.
 
Even if they allow it I would check with a tax attorney because it sounds kind of hinky to me on an IRA just because it is annuitized does not change it's status...
 
Even if they allow it I would check with a tax attorney because it sounds kind of hinky to me on an IRA just because it is annuitized does not change it's status...

Of course it doesnt.
Qualified money is qualified money until you pay the taxes to unqualify it.

So the annuitization payout will be taxed as income no matter who receives it, owner/spouse/child or otherwise. The irs will get their cut from who ever receives an income from it, and it will be at whatever income tax rate that person is at.

The question was can you have joint annuitants on qualified money. And the short answer is yes.

Now the real tax question is do they have to file their taxes jointly, or can they file separately if they want?
I should know this but I dont.... this is when I tell the client to talk to their accountant... but it would be nice to know myself...
 
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