Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Under tax status in relation to deduction codes, what does annuity mean?

April 26, 2017Annuity deduction mean relation Status tax

0

Posted

Under tax status in relation to deduction codes, what does annuity mean?

1 Answer

0

Posted

A deduction that is coded as an annuity will be taxed for social security and Medicare taxes. However, no federal or state withholding will be taxed on the amount of the deduction.