tax issues

Card Set Information

Author:
silva4080
ID:
122640
Filename:
tax issues
Updated:
2011-12-12 02:56:53
Tags:
insurance
Folders:

Description:
tax issues
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  1. lump sum settlement
    all interest taxable at annuitization
  2. an additional federal income tax penalty of x will be imposed on the taxable portion if a lump sum settlement was cashed in prior to the annuitant reaching 59.5 yrs
    10%
  3. taxable in an IRA
  4. generally speaking [life insurance ] premiums are
    non tax deductible
  5. life insurance lump sum payment to a beneficiary - taxable how
    free of federal income tax
  6. life insurance installment payments to a beneficiary - taxable how
    interest portion of each installment taxed as income
  7. how are life insurance dividends taxed
    not treated as income
  8. money borrowed (loan) against cash value of life insurance is taxable how
    not income taxable
  9. how much of $ received in a surrender is taxable and how
    However much of the surrender is more than the premium paid in, taxed as income
  10. early withdrawals from an IRA
    income taxable plus 10% pentalty
  11. when is a nonqualified annuity interest not taxable (if applicant dies before annuity date)
    if the beneficiary is the spouse
  12. a __ retirement plan entitles the owner to tax benefits
    qualified
  13. What tax code gives tax benefits to employees of nonprofits, charities, educational, religious orgs, etc
    403(b)

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