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#1
02-01-2006, 02:20 AM
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 Re: Annuities: Must an insurance company allow a partial 1035 exchange? "Gene E. Utterback, EA" <gene[at]alliancerax.com> wrote: - quote - > I do a bit of annuity work and I don't quite follow you.
I stated:> She has a nonqualified annuity and wants to transfer part of > it to another company - I'm with you here. - quote - > > An annuity company, let's call this company "SOURCE", has
<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
> > refused to allow my sister to do a partial 1035 transfer of > > her annuity to an annuity at another company, let's cal this > > company "TARGET". |
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01-31-2006, 09:07 PM
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| Re: Annuities: Must an insurance company allow a partial 1035 exchange? "Howard Kaikow" <kaikow[at]standards.com> wrote: - quote - > An annuity company, let's call this company "SOURCE", has
I do a bit of annuity work and I don't quite follow you.> refused to allow my sister to do a partial 1035 transfer of > her annuity to an annuity at another company, let's cal this > company "TARGET". > She was trying to transfer only that portion not subject to > a withdrawal penalty. It is a non-qualified annuity. > I am not aware of anything that allows them to make such a > refusal. > I guess the issue is whether SOURCE MUST allow such > exchanges. > How do you suggest that my sister proceed? > As a start, I've sent an email to the NY dept.of insurance > (my sister lives in NY). She has a nonqualified annuity and wants to transfer part of it to another company - I'm with you here. What specifically do you mean by withdrawal penalty? A 1035 transfer of any kind would not subject her to a premature distribution penalty because she is NOT taking a distribution, she is transferring the money to another company. How are you calculating the amount not subject to the penalty? Gene E. Utterback, EA, RFC << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-29-2006, 07:59 AM
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| Annuities: Must an insurance company allow a partial 1035 exchange? An annuity company, let's call this company "SOURCE", has refused to allow my sister to do a partial 1035 transfer of her annuity to an annuity at another company, let's cal this company "TARGET". She was trying to transfer only that portion not subject to a withdrawal penalty. It is a non-qualified annuity. I am not aware of anything that allows them to make such a refusal. I guess the issue is whether SOURCE MUST allow such exchanges. How do you suggest that my sister proceed? As a start, I've sent an email to the NY dept.of insurance (my sister lives in NY). << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 1035, annuities, company, exchange, insurance, partial |
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