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Get your taxes done using TurboTax
The General Rule can only be applied to periodic payments. A portion of the investment in the contract is distributed with each periodic annuity distribution. If an annuity for life pays out long enough, at some point all of the investment in the contract will have been paid out and distributions beyond that will be entirely taxable. I think that that is what SusanY1 was referring to.
‎June 16, 2024
7:18 PM