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New Member
posted Feb 28, 2022 3:54:26 PM

We withdrew all funds in an annuity. Does this count as a simple IRA early withdrawal?

How does withdrawing funds from an annuity result in a penalty for a simple IRA early withdrawal?

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1 Replies
Level 15
Feb 28, 2022 4:45:59 PM

That depends in part upon whether the annuity is an IRA or not.  What is the distribution code in Box 7 of the 1099-R?  Is the IRA box (between boxes 7 and 😎 checked?