Tax Break Sought for Non-Qualified Lifetime Annuities
Two senators have reintroduced legislation that would provide tax breaks to those with non-qualified lifetime annuities.
Get quick answers to your annuity questions: Call 800-872-6684 (9-5 EST)
Sens. Kent Conrad, D-N.D., and Pat Roberts, R-Kan., have proposed the Retirement Security for Life Act, or S 1297, which would provide a 50% tax exclusion on the annual income from a non-qualified lifetime annuity, up to $20,000.
The Conrad-Roberts bill is similar to the Retirement Security Needs Lifetime Pay Act, HR 2748, which was proposed recently by Reps. Earl Pomeroy, D-N.D., and Ginny Brown-Waite, R-Fla.
That measure also would provide a 50% tax exclusion for a portion of lifetime-income payments from non-qualified annuities, up to $20,000, as well as a 25% tax exclusion for a portion of payments received under a qualified retirement plans.
The new Conrad-Roberts bill was referred to the Senate Finance Committee.
Source: investmentnews.com - 06-23-2009
We had heard about annuities and were investigating them for our IRAs. We also heard bad things about pushy brokers over the years. So when we went to the ImmediateAnnuities.com site we were skeptical about calling them. But whenever we called their staff was really friendly. They answered all our questions and one of their reps even told us that at our ages there was no advantage to buying the annuity with our IRAs. These guys are really honest!