How Annuities are Taxed

by Retirement Advisor | Sep 7, 2022 | Retirement Annuity | 1 comment

Prior to purchasing an annuity, you should consult with a tax professional to discuss your individual situation. In general, income tax on annuities is deferred, which means you aren’t taxed on the earnings until you begin to take money out of the annuity, at which time they are taxed as ordinary income. You may also have to pay a 10% federal tax penalty if you withdraw any of the accumulation value prior to age 59 1/2.

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