Since it wasn't a retirement account doesn't seem like I should have to pay a 10% penalty for cashing in an insurance annuity I was given as a gift. Has the insurance company chose the wrong distribution code?
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generally a bad idea to cash in a whole life policy once it has accrued cash value
the agents will do their best to talk you into it.
too late now you have to pay tax and a 10% penalty if you are under 59 1/2.
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