NYL Special Annuity Taxation?

[DennisTheMennis]

I am working with someone who is looking for a single life annuity guaranteed lifetime income annuity to put down a lump sum, the NYL rep is saying they have a special tax break on the lifetime income.....

I was under the assumption that all annuity companies play by the same rules when it comes to taxation, am I missing something here?

 

[moonlightandmargaritas]

I am working with someone who is looking for a single life annuity guaranteed lifetime income annuity to put down a lump sum, the NYL rep is saying they have a special tax break on the lifetime income.....

I was under the assumption that all annuity companies play by the same rules when it comes to taxation, am I missing something here?

You are missing a LOT.

In your current ignorant state, please stop messing with people's money before you do someone serious harm.

Get yourself some education on immediate annuities.

 

[DennisTheMennis]

Wow, good job jumping to conclusions. Save your useless answers and sarcasm for someone else.

It is a deferred annuity.

It's a simple question - can one company offer a tax break on withdrawals while another can't? I don't think they can, but stand to be corrected.

 

[moonlightandmargaritas]

single life annuity guaranteed lifetime income

It is a deferred annuity.

A "guaranteed lifetime income" annuity is NOT a "deferred annuity".

Your ignorance (and incompetence) is staggering. Quit messin' with people's money before you hurt them.

 

[DennisTheMennis]

Hahaha thanks for the laughs. Obviously someone's a little moody today. Is it that time of the month?

Sorry, I did not mention the GUARANTEED LIFETIME INCOME RIDER FOR A DEFERRED ANNUITY.

You're getting caught up in semantics, or trying to look cool over an internet forum bashing someone for a simple question that he thinks he already knows the answer too. But I guess you didn't see that part? Check your eyeglasses or get some reading lessons.

Maybe you work for NYL.

I'm not here to argue, go argue with your wife or boyfriend if you don't have any information.

 

[moonlightandmargaritas]

Hahaha thanks for the laughs.

No laughs when it comes to people's money. I've learned that in over 20 years in the business. Maybe time for you to go back to work at Taco Bell.

Sorry, I did not mention the GUARANTEED LIFETIME INCOME RIDER FOR A DEFERRED ANNUITY.

When it comes to people's money, details MATTER. Get it right, or get gone.

You're getting caught up in semantics

Let me guess...you've had a license for what...maybe eight weeks?

 

[DennisTheMennis]

So the fact that it's a deferred annuity, non-qualified and that they will take lifetime withdrawls in a few years isnt enough?

what more do you need smarty pants?
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By the way, isn't this forum here to help?

What difference does it make how long I've had my license?

Are you here to help? Or bitch and moan on a forum?

You shouldn't be taking your personal pain, heartache and insecurities out in an internet forum....come on man.
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Lol 20 years.....Good for you!!! Lets all chip in and get you a ***ing trophy!!

I know details matter, you think I'm gonna spill all of a clients details over an internet forum? If you were worth anything you would have asked the necessary questions instead of being a moody little bitch.

You're responses show there is something wrong upstairs, depression? Early onset alzheimers? Business not going well? If you've been doing it for over 20 years and you're on an internet forum purely to not help (which is why this forum was created in the first place), act hard, bring someone down, etc. you obviously have no life or one of the afforementiond conditions do exist.

Thanks again to all of the other forum members who have helped and contributed in the past.

 

[Norwayguy]

I am working with someone who is looking for a single life annuity guaranteed lifetime income annuity to put down a lump sum, the NYL rep is saying they have a special tax break on the lifetime income.....

I was under the assumption that all annuity companies play by the same rules when it comes to taxation, am I missing something here?

Your original post sounds very much like a slow as opposed to a deferred annuity people don't say single life annuity on deferred annuities and I'm assuming you know the income a client recieves from a slow as opposed to withdrawals from a rider providing lifetime income is a big difference in taxes. The slow includes a portion of the premium back to the client and as such is NOT 100% taxable like the distributions from a rider. Make sure you are talking about the right thing.

 

[moonlightandmargaritas]

you think I'm gonna spill all of a clients details over an internet forum?

You've tried to already, but apparently you're too stupid to get it right. (PS-If they're talking with NYL, they're NOT your "client"). Dumb & dumber?

...you're on an internet forum purely to not help (which is why this forum was created in the first place),

So you've decided that the forum's purpose is to serve incompetents like you? Who, exactly anointed you?

 

[DennisTheMennis]

Norwayguy that's exactly what I'm referring to, thanks for your help. I understand the two different ways to tax, if you have any additional information, it would be greatly appreciated.

Thanks again.