Quote:
Originally Posted by gpk111
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.
Anxious to hear more!  |
Ok! Bank called. They were checking on the 5 year withdrawal.. There is no exclusion ratio. THIS time she said " that means you are paid out the gains FIRST, THEN the principal." So first 3 years or so I would have to pay taxes on all the full withdrawal(assuming equal amount withdrawals each year) then the last 2 years tax free. I swear she said earlier that I wouldn't get any tax benefit...
So I have CPA number so will get that set up...ty!!