Annuity purchase

[JG EA]

Do you keep track of client's annuity purchases? I believe all the cost will be excluded on the 1099R when taken out. Is there any other reason I should keep track of this?

[S T]

I havent

JG, I haven't and one would hope that the Insurance companies are doing their job, so if the annuity is not an IRA, then when distributed the taxable amount should only be the earnings. If IRA, it should all be taxable.

How many records do we have to keep for our clients?

Sandy

[JG EA]

Thanks. My reason primarily for asking was to see if I was overlooking some important thing. Thanks for your reply.