Quote:
Originally Posted by gpk111
Retired guy: Transferring an annuity is done with a 1035 exchange. That exchange will carry the basis from the prior account. It's up to the owner to make sure that happened correctly. According to OP, the basis was identified, so no problem!?
|
The bank said it had cost basis of $160000 and that usually no tax on that. Except if I go with the 5 year thing, if there's no exclusion ratio, I'd be taxed on the whole $360000.They're checking that now. If I'm taxed on the whole thing, then I'd do a lump sum