Talk of The Villages Florida - View Single Post - Inheriting non-spousal annunity
Thread: Inheriting non-spousal annunity
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Old 08-18-2021, 07:00 PM
gpk111 gpk111 is offline
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Quote:
Originally Posted by Gigi3000 View Post
How are you calculating the taxes again(on lump sum withdrawal)? What does the $160000 cost basis have to do with it? Cost basis was already taxed, right?
Correct. Cost basis is not taxed. Gains on annuities are taxed as ordinary income.