Is an annuity identical to an IRA?
Author: Ammon Yorke
Website: http://www.AnnuityYes.com
Added: Sat, Jun 24, 2006 8:47:41
Category: Annuity Questions
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An annuity cannot be identical to an IRA (internal revenue allotment) but may be used to fund one.
Many annuities are classified as non-qualified annuities, with premiums or contributions derived from after-tax transactions. This means that money put into a non-qualified annuity account has already been taxed and is free from further taxation when you take the money out. Also, the U.S. government does not regulate the maximum premium (contribution) that can go into an annuity account. However, you may not take money out of it until age 70 ½.
See also: Annuities | IRA | Annuity About the Author:
Ammon Yorke answers frequently asked annuity questions at PrettyGreatAnswers.com.
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