clenkey2015 clenkey2015

04-05-2024
Mathematics

Answered

Six years ago, Gene deposited $250,000 into a nonqualified annuity and over time the contract has grown to $315,000. This year, Gene, now age 55, would like to withdraw $50,000 to help his daughter with her student loan debt.

Which one of the following is representative of the tax implications of such a distribution?

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