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Retirement tax questions
This does sound like the contract has been annuitized which would require the use of the General Rule to determine the taxable amount. Annuitized contracts are most commonly paid monthly rather than annually, but nothing prohibits an annuitized contract from being paid annually. The contract might also permit establishing a schedule for taking distributions at regular intervals such as annually without annuitizing, in which case the distributions would not qualify as periodic distributions even though they might happen at regular intervals.
‎January 30, 2024
5:45 PM