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RE: They would like to use as much of the $35,000 for purchasing

Posted on: March 21, 2023 at 13:40:37 CT
molon labe KC
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Given that life insurance payouts are not taxable, and the relatively small annuity payout of $25K, I would recommend they keep the annuity payout (i.e. refrain from rolling it over into a beneficiary IRA account) and just set aside 10 to 15 percent for Uncle Sam.

Assuming a set-aside of 15 percent on the annuity payout, this will leave them with $21,250. Along with the $10K life insurance payout, this will give them a total of $31,250 to apply to a home purchase.

Best of luck to them...
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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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