Quote:
Originally Posted by Gigi3000
For those who like puzzles.....
Ok, I have decided to take it lump sum. Here's why. I don't like how shady these annunity companies are with giving out the annunity contract before hand for a complete review. It doesn't appear I'll pay more than $70,000 in taxes for 2021 year and maybe even less..and #3 is, I'm losing sleep over this and it's not worth it. And # 4 is, I have 403b inherited IRA($76,000, qualified) that the distribution has all ready been taken for 2021 so I can cash it out in 2022. I
appreciate everyone's input....I would rather live frugally to make up any loss than deal with wondering what they're doing to my money.
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I know exactly what you mean in that last sentence. Some of us are not wired to own annuities. I know I'm not. Heck, I am not even wired to be able to stand to hire a financial advisor. . .
(Believe you me, I sometimes wish I could make myself hire an advisor, but I have been making money decisions for so long that I cannot seem to turn over the reins. Maybe someday. I did find one that I have said I would use if my family notices that I am suddenly investing in Pound Puppies or Franklin Mint Plates or Pez Dispensers.)
But we do depend on a CPA to give us good advice on how to navigate through taxes. I hope you will talk with an accountant, too, before you make your final decision so you can get professional advice on how to best handle the taxes while getting your money out.
I am linking an article here from
Kiplinger that you might find interesting -- especially the part about the flexibility of the stretch. If you think this article could help, may I suggest that you print it and run it past an accountant.
Kiplinger, in general, is pretty good at synthesizing information into short articles which can be, at least, a starting point. The article could be worth a look and a conversation with the accountant to find out if she thinks you are really going to need to owe as much as $70,000 in income tax.
Inheriting an Annuity? Stretch Its Tax Benefits | Kiplinger
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