Inherited Variable Annuity

Jill on Money with Jill Schlesinger

Audacy

Investing, Education, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 15 January 2019

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

What to do with an inherited variable annuity.

Transcript

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0:00.0	Welcome to the Jill on Money Call of the Week.
0:06.2	Remember, we'd love to talk to you.
0:08.4	So if you have any financial question, just send us an email.
0:12.2	It's so easy. The email address,
0:14.8	Ask Jill at Jill on Money.com. Ask Jill at Jill on Money.com, or you can just hop
0:20.9	onto the website Jill on Money.
0:22.3	There's a contact us button.
0:24.4	Today we're talking to Linda from the Bay Area.
0:27.6	Hi Linda, what can I do for you?
0:29.2	Hi Jill, I have a question.
0:31.6	Sure. My husband recently inherited a variable non-qualified annuity and they
0:39.8	give a whole bunch of options but they didn't want to explain the option.
0:44.0	So I thought I'd give you a call.
0:46.0	Well, doesn't that make you want to do business with that company?
0:50.0	Not really.
0:51.0	Yeah, exactly, right?
0:52.0	Okay. So. Yeah, exactly, right. Okay, so here's my question for you.
0:57.0	How much money is in the annuity?
1:00.0	About $54,000.
1:02.0	You have to pay tax on this, I think, because it hasn't been taxed yet.
1:07.0	That's right. So what's the tax cost basis? Yeah.
1:11.0	32,500.
	...

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