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Originally Posted by Gigi3000
Really? I don't know alot about taxes but I looked at the tax table for that amount and I saw 37%. There definitely is no other income. I sold a condo and am living off those proceeds. Thanks for your info
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First, annuity income is ordinary income not a capital gain. Second, some amounts principal are excluded from income. Third, a quick google search shows three options, lump sum, distribution over 5 years or annuitizies amount over your remaining life. I don’t like annuities but from a tax standpoint this may be your best option. However, I think your first step like others have said is find a fee only planner. They can lay out your options and show you the risk/reward for each option with the tax impact.