Annuity

If I invested $100,000 in an annuity 3 years ago, and in 2024 pulled only the earnings of $20,000, What is my Basis?

posted

Your basis is the 100,000 less whatever principle you removed in years 2022, 2023, and 2024 (if I have the right years).

If you removed only earnings in 2024, then there is no changed to the basis in 2024, but I can't say what you did in 2022 and 2023.

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