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No tax on the life insurance...

Posted on: March 21, 2023 at 12:56:46 CT
Gyro MU
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Tax liability on the annuity depends on what kind. If it's an IRA annuity, she or his estate may be liable for taxes. If not, probably not.

Whether it continues to pay out depends on the terms of the annuity. You'd need more information for a better answer.
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MESSAGE THREAD

Shack TAX question. - UMR85 MU - 3/21 12:49:24
     Are her parents dead? Surprised the life insurance - playhard KC - 3/21 15:48:13
          Her mother is. I am sure her grandfather had his life - UMR85 MU - 3/21 16:34:31
          Her mother is. I am sure her grandfather had his life - UMR85 MU - 3/21 16:34:16
     i just answered this exact question - colonel angus beef KC - 3/21 13:25:52
     Is she hot? - meatiger MU - 3/21 13:25:03
          well we know his son thinks she is a 1 at - SabertoothTiger MU - 3/21 13:31:08
               Maybe his son was desparate - meatiger MU - 3/21 13:32:00
                    true. We don't know for sure that they actually banged. We - SabertoothTiger MU - 3/21 13:33:18
     You'll have to get more info on the annuity - BigDave MU - 3/21 13:18:45
          They would like to use as much of the $35,000 for purchasing - UMR85 MU - 3/21 13:24:04
               RE: They would like to use as much of the $35,000 for purchasing - molon labe KC - 3/21 13:40:37
                    Thank you very much for your knowledge. - UMR85 MU - 3/21 13:44:11
                         RE: Thank you very much for your knowledge. - molon labe KC - 3/21 13:47:47
               she needs to no comingle those funds so early in the - TigerA MU - 3/21 13:32:32
                    This is his DIL - not daughter...he ain't giving that advice - tigerdb MU - 3/21 13:37:32
                         oh i know, i'm advising her. (nm) - TigerA MU - 3/21 13:39:40
                              It would be funny if she was reading this and - SabertoothTiger MU - 3/21 13:44:18
     Does she trust her husband? - TigerJackSwartz MU - 3/21 13:11:52
          RE: Does she trust her husband? - cooter MU - 3/21 13:16:48
          Her husband is my son. They just got married last August. If - UMR85 MU - 3/21 13:16:35
     No tax on the life insurance... - Gyro STL - 3/21 12:56:46
          Good answer (nm) - DevilsAdvocate KC - 3/21 16:00:32
          I thought so. Thank you very much. Annuity was my main - UMR85 MU - 3/21 13:04:31
               When did the grandmother pass?(nm) - meatiger MU - 3/21 13:40:24
                    oppps - meatiger MU - 3/21 13:41:12
          Agree with Gyro - need more info on the annuity - Mormad MU - 3/21 13:04:04
               Correct. Grandmother is gone and grandfather recently passed - UMR85 MU - 3/21 13:05:52
                    They can be structured in a lot of ways, but assuming it - Mormad MU - 3/21 13:12:30
                         Okay thanks. Sounds very logical. Thank you very much. - UMR85 MU - 3/21 13:19:48
     she's good if she re-invests in NFTs(nm) - CulturedDan MU - 3/21 12:52:54
          That does not answer my questions. Not looking for - UMR85 MU - 3/21 13:01:45




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