In article <2jimr39n9r3o3k09i02i5r2krj2fk8p06t[at]4ax.com> ,
"HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> wrote:

- quote -

You would probably be better off asking this tax question in the
moderated tax group: misc.taxes.moderated

--
-Ernie-

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Client age 63 wants to take a one-time partial withdrawal from a
non-qualified annuity. The present annuity contract value exceeds
basis by more than the proposed withdrawal. I seem to remember that
all withdrawals from a NQ annuity in excess of basis are considered to
be 100% taxable until the current annuity contract value equals basis.
Is that correct?

Note: I realize there are a host of other issues - surrender charges,
how the contract is invested, etc. We have those issues covered.
What we are curious about is the income tax consequence on the partial
lump-sum withdrawal. Thanks.


-HW "Skip" Weldon
Columbia, SC

------ Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
Newsgroup.