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Old 03-17-2005, 01:04 PM
jhb jhb is offline
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Question

Taxes on Annuity

What is the name of your state?arialWhat is the name of your state? Arkansas

I will be getting a QDRO rollover settlement from my ex's annunities. I have been informed that since this was part of a divorce settlement, I could cash some of it out and not have to pay the taxes and penalties. I would like to use the money as a down payment on a house. ( I did not want the house from the divorce). True or Not??
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Old 03-17-2005, 02:04 PM
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You will still have to pay the taxes, but not penalties. It may be better for you to take the money in periodic installments rather than all at once, so it doesn't kick your tax bracket up too high. Make sure when you get the money that the forms will be coded correctly as an exception due to QDRO.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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