Which of the following statement regarding the taxation of Variable Annuities is NOT correct?
Posted by MarkJul 17
A) During the accumilation period, capital gains taxes are paid annually.
B) Withdrawls prior to age 59 1/2 are generally subject to a 10% withdrawl. penalty
C) Monthly income received by an annuitant is partially taxable and pertially tax free as a return of basis.
D) Systematic withdrawls are considered a return of earnings first for tax purposes.
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