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Thread: Inheriting non-spousal annunity
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Old 08-20-2021, 10:17 AM
gpk111 gpk111 is offline
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Originally Posted by Gigi3000 View Post
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
No way anyone can tax you on the entire $360k. Please re-read my prior post differentiating non-taxable payouts from exclusion ratios. Sounds like the bank is pursuing the wrong question or they're miscommunicating to you.

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