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Retirement tax questions
When money from a non-qualified annuity is withdrawn there are no taxes due on the principal portion of the distribution. Income taxes are levied only on the earnings and interest. The IRS determines which portions of a non-qualified annuity withdrawal are taxable by using a calculation known as the exclusion ratio.
So the taxable portion will increase your AGI and can affect your income for the medicare surcharge.
‎August 28, 2019
6:14 PM