Annuity

I am 95 and have a non-qualified annuity that I have not yet taken income from.  Is there an IRS penalty if I extend the annuity date?

Anonymous
Not applicable

Get your taxes done using TurboTax

why not ask the annuity company as to the tax consequences. 

MinhT1
Expert Alumni

Get your taxes done using TurboTax

Non-qualified annuities are NOT subject to RMDs (required minimum distributions). There is no IRS penalty for non-withdrawal or for extending the annuity date.

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