Life Insurance Annuity Taxable
annuities are life insurance taxable?
We receive monthly payments on a liability agreement (the details are too painful to come here). "These payments may be taxed, and most of the initial payment of half the amount of liability?
http://www.irs.gov/publications/p575/ar02.html # d0e4361 Yes, unless it is a tax-sheltered annuity. If you have income from one or more annuities, the taxable amounts may vary depending on the amount invested in annuity contracts. Any amount received from employer plan which does not contribute to the board are totally passive in the year received. If you invest in income are not taxed on the amount received is considered a return of their costs.
