What IRS reporting is required for annuity owners?
Unless withdrawals are made, or an annuitization option elected, there is no tax reporting on deferred annuities. At death, the value of the contract is included in the estate of the annuity owner. Any gains in the contract will be taxable to any beneficiary except surviving spouse. A surviving spouse beneficiary may elect to continue the contract indefinitely, thereby postponing any current income tax liability. As with any investment, you should check with your tax or legal advisor regarding your personal situation.
Related Questions
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- What IRS reporting is required for annuity owners?
