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June 28, 2021
Question

If I withdrawal money from my annuity account will that be added to my annual income? Iam 68 years old

  • June 28, 2021
  • 1 reply
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1 reply

DoninGA
Employee
June 28, 2021

Yes, the taxable amount of the withdrawal will be entered on your tax return as taxable income and taxed at your current tax rate.  You will receive a Form 1099-R from the Payer for the withdrawal.  You enter the tax data from the 1099-R on your tax return.