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About Us Help Center. United States. If you don't annuitize, then IRS typically treats withdrawals from annuities as being from earnings first. Therefore, you'll pay tax on every dollar until you're only left with your initial investment.
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After you've withdrawn all your earnings, you can then withdraw your initial investment free of tax. Taking money early The other major tax consequence has to do with the retirement-related nature of annuities. The IRS imposes the same penalties for early withdrawals from annuities that it does for IRAs and retirement accounts. Tax-free exchanges If you're thinking about cashing in your annuity solely to buy another annuity that you think is better, keep in mind that the tax laws allow you to make a tax-free exchange.
If you follow the rules correctly, you can make an annuity switch without the usual tax consequences. The catch, though, is that the money has to go directly from one annuity provider to the other without ever passing through your hands. The rollover options that you have with IRAs and k plan money don't apply here, and the direct transfer is your only choice.
Still, the strategy is worth considering if your objective is to get a better annuity rather than getting out of annuities entirely. Annuities can be complex, and tax consequences aren't always clearly stated when you buy an annuity. Nevertheless, there are ways you can control your tax liability and make the most of the annuity contracts you own.
This article is part of The Motley Fool's Knowledge Center, which was created based on the collected wisdom of a fantastic community of investors.