CHAPTER 14
PERSONALLY PURCHASED RETIREMENT ANNUITIES
§ 14.01 Overview of Taxation of Annuities Purchased by Retirees
-----[1] Taxation of Annuity Payments
-----[2] Taxation of Non-Annuity Payments
-----[3] Premature Distributions Under the Annuity Contract
-----[4] Borrowing Under the Annuity Contract
-----[5] Exchanging an Annuity Contract
-----[6] Tax Planning with Purchased Annuities
-----[7] Income Tax Withholding
§ 14.02 Date Payments Begin Under a Purchased Annuity Contract
-----[1] Earliest Date Annuity Payments May Begin Without Penalty
-----[2] Latest Date Minimum Distributions to Non-Spousal Beneficiaries May Begin
§ 14.03 Investment in the Annuity Contract
§ 14.04 Annuity Payments Under the Contract
-----[1] Amounts Received as an Annuity
----------[a] When Payments Are Taxable as Annuity Payments
----------[b] Variable Annuity Payments
-----[2] Taxation of Annuity Payments
----------[a] The Exclusion Percentage and Determination of the Expected Return
----------[b] Expected Returns for Common Types of Annuities
----------[c] Taxation of Fixed Term Annuities
----------[d] Taxation of Ordinary Life Annuities
----------[e] Taxation of Temporary Life Annuities
----------[f] Taxation of Stepped Life Annuities
----------[g] Taxation of Ordinary Joint & Survivor Annuities
----------[h] Taxation of Stepped Joint & Survivor Annuities
----------[i] Taxation of Equally Stepped Joint & Survivor Annuities
----------[j] Taxation of Variable Annuity Contracts
----------[k] Quarterly, Semiannual, or Annual Payments for Lifetimes
----------[l] Increases or Decreases in Annuity Payment Amounts
----------[m] Multiple Current Recipients or Multiple Annuities
----------[n] Recovered and Unrecovered Investment in an Annuity Contract
---------------[i] Recovered Investment in an Annuity Contract
---------------[ii] Unrecovered Investment in the Annuity
---------------[iii] Two or More Annuities with Different Terms or Beneficiaries
§ 14.05 Taxation of Non-Annuity Distributions
-----[1] Non-Annuity Distributions in General
-----[2] Certain Non-Annuity Payments Not Taxed
-----[3] Non-Annuity Distributions Potentially Nontaxable in Part
-----[4] Non-Annuity Payments Fully Taxed
-----[5] Planning the Timing of a Lump Sum Distribution
§ 14.06 Conversion of Lump Sum Payment to Annuity Payments
§ 14.07 Loans to Retirees Under Purchased Annuity Contracts
§ 14.08 Exchange of Annuity Contract for New Annuity Contract
§ 14.09 After Exchange of Contracts or Change of Annuity Payment Period
§ 14.10 Gift of the Annuity Contract
§ 14.11 Role of Purchased Annuities in Tax Planning
§ 14.12 Tax Withholding on Payments under an Annuity Contract
§ 14.13 Estate or Gift Tax Imposed on Annuity Contract Benefits
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PERSONALLY PURCHASED RETIREMENT ANNUITIES
§ 14.01 Overview of Taxation of Annuities Purchased by Retirees
-----[1] Taxation of Annuity Payments
-----[2] Taxation of Non-Annuity Payments
-----[3] Premature Distributions Under the Annuity Contract
-----[4] Borrowing Under the Annuity Contract
-----[5] Exchanging an Annuity Contract
-----[6] Tax Planning with Purchased Annuities
-----[7] Income Tax Withholding
§ 14.02 Date Payments Begin Under a Purchased Annuity Contract
-----[1] Earliest Date Annuity Payments May Begin Without Penalty
-----[2] Latest Date Minimum Distributions to Non-Spousal Beneficiaries May Begin
§ 14.03 Investment in the Annuity Contract
§ 14.04 Annuity Payments Under the Contract
-----[1] Amounts Received as an Annuity
----------[a] When Payments Are Taxable as Annuity Payments
----------[b] Variable Annuity Payments
-----[2] Taxation of Annuity Payments
----------[a] The Exclusion Percentage and Determination of the Expected Return
----------[b] Expected Returns for Common Types of Annuities
----------[c] Taxation of Fixed Term Annuities
----------[d] Taxation of Ordinary Life Annuities
----------[e] Taxation of Temporary Life Annuities
----------[f] Taxation of Stepped Life Annuities
----------[g] Taxation of Ordinary Joint & Survivor Annuities
----------[h] Taxation of Stepped Joint & Survivor Annuities
----------[i] Taxation of Equally Stepped Joint & Survivor Annuities
----------[j] Taxation of Variable Annuity Contracts
----------[k] Quarterly, Semiannual, or Annual Payments for Lifetimes
----------[l] Increases or Decreases in Annuity Payment Amounts
----------[m] Multiple Current Recipients or Multiple Annuities
----------[n] Recovered and Unrecovered Investment in an Annuity Contract
---------------[i] Recovered Investment in an Annuity Contract
---------------[ii] Unrecovered Investment in the Annuity
---------------[iii] Two or More Annuities with Different Terms or Beneficiaries
§ 14.05 Taxation of Non-Annuity Distributions
-----[1] Non-Annuity Distributions in General
-----[2] Certain Non-Annuity Payments Not Taxed
-----[3] Non-Annuity Distributions Potentially Nontaxable in Part
-----[4] Non-Annuity Payments Fully Taxed
-----[5] Planning the Timing of a Lump Sum Distribution
§ 14.06 Conversion of Lump Sum Payment to Annuity Payments
§ 14.07 Loans to Retirees Under Purchased Annuity Contracts
§ 14.08 Exchange of Annuity Contract for New Annuity Contract
§ 14.09 After Exchange of Contracts or Change of Annuity Payment Period
§ 14.10 Gift of the Annuity Contract
§ 14.11 Role of Purchased Annuities in Tax Planning
§ 14.12 Tax Withholding on Payments under an Annuity Contract
§ 14.13 Estate or Gift Tax Imposed on Annuity Contract Benefits
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The author intends that this website provide accurate and authoritative information on the subject
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an attorney, accountant, or other professional; and the author is not offering legal, accounting, or
other professional advice. The material presented on this website is not intended for use, and may
not be used, to avoid tax penalties. If you need legal advice or other professional help, you should
seek (from an independent attorney, accountant, or other competent professional) advice based on
your own particular circumstances.
matter covered. However, the information provided on this website is not a substitute for the advice of
an attorney, accountant, or other professional; and the author is not offering legal, accounting, or
other professional advice. The material presented on this website is not intended for use, and may
not be used, to avoid tax penalties. If you need legal advice or other professional help, you should
seek (from an independent attorney, accountant, or other competent professional) advice based on
your own particular circumstances.
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