Jul 18, 2011 #1 K kmb823 New Member 1 is there a 10% penalty for withdrawals on the gains from a non qualified annuity prior to age 59.5. what if you leave the gains in the contract and just take the basis out or does the rule of LiFO apply please advise
is there a 10% penalty for withdrawals on the gains from a non qualified annuity prior to age 59.5. what if you leave the gains in the contract and just take the basis out or does the rule of LiFO apply please advise
Jul 18, 2011 #2 padthaiforlunch Guru 1000 Post Club 1,641 lifo is correct. equal and periodic avoids the penalty.
Jul 19, 2011 #3 L Larry Tew Guru 1000 Post Club 2,441 Raleigh LIFO applies. Substantially equal payments for non-qualified annuities are called "72-q" versus 72-t for qualified plans.
LIFO applies. Substantially equal payments for non-qualified annuities are called "72-q" versus 72-t for qualified plans.
