Non-qualified Annuity

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  • susieq
    Member
    • Feb 2006
    • 82
    #1

    Non-qualified Annuity

    If an individual takes a distribution from a NQ annuity and is under 59 1/2, is there a penalty plus the tax? Assume that tax and penalty are on the earnings only.
    Tags: None
    • Bees Knees
      Senior Member
      • May 2005
      • 5456
      #2
      Yes, the penalty applies. See TTB, page 22-8 under "Penalty for early distributions from a deferred annuity."

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