Skip to main content
February 10, 2021
Question

I received an inherited annuity in 2020. I have to receive monthly payouts. Should I have to pay an early withdrawal tax penalty on this?

  • February 10, 2021
  • 1 reply
  • 0 views
No text available

1 reply

February 10, 2021

Yes. Per Annuity.org: According to IRS Publication 575, “Most distributions (both periodic and nonperiodic) from qualified retirement plans and nonqualified annuity contracts made to you before you reach age 59 ½ are subject to an additional tax of 10 percent.”

 

To enter, see Where do I enter my 1099-R?

 

 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"