How Is Income From Annuities Taxed?

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    David RacichPRO
    Fountain Hills, Arizona
    Non-qualified tax deferred annuities are taxed as ordinary income on the gain in the policy. The basis or original contributions are tax free. The basis is generally paid last "first in last out." But with lifetime annuitization basis is amortized to life expectancy along with gain as combination payment until basis is exhausted.
    Answered on July 22, 2013
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