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January 31, 2024
Question

Annuity

  • January 31, 2024
  • 1 reply
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In 2015 We rolled a rather small Roth into an annuity that we were told is a Roth. Due to under performing I want to cash out and reinvest in CD's or something similar for better interest. We are in our 70's and retired. What would the tax implications be?

    1 reply

    February 1, 2024

    A Roth IRA annuity is a type of annuity that is funded with Roth IRA contributions. The money in the account has already been taxed, so there are no taxes owed on withdrawals made.

    1clhAuthor
    February 1, 2024

    Thank you. That was the way I understood the rules but never hurts to check.