Penalty tax

[lora]

What is the penalty of not timely withdrawing from your annuity after reaching age 71?

[buzzardbreath]

Heavy Penalty

Heavy penalty of 50% of the amount that should have been distributed.

If some (but not enough) of the IRA has been distributed, then the penalty is 50% of the shortage.
If the plan is a Roth, there is no amount required to be distributed, thus no penalty.

[Roland Slugg]

Is this annuity an IRA? The OP doesn't say.