Annuity - change joint to single

[Lykele]

What is the name of your state? Kentucky

At the current time my wife and I have a joint variable annuity. Are there any consequences in changing it to a variable annuity in only my name?

Why? I am 62 years old and my wife is 54. My belief is if we took money out of this annuity now that half of it would be subject to a 10% federal tax penalty because she is not 59 1/2. My portion, because of my age, would not incur a penalty. Unless, of course, I'm completely wrong about that.

Thanks. JimWhat is the name of your state?

 

[seniorjudge]

What is the name of your state? Kentucky

At the current time my wife and I have a joint variable annuity. Are there any consequences in changing it to a variable annuity in only my name?

Why? I am 62 years old and my wife is 54. My belief is if we took money out of this annuity now that half of it would be subject to a 10% federal tax penalty because she is not 59 1/2. My portion, because of my age, would not incur a penalty. Unless, of course, I'm completely wrong about that.

Thanks. JimWhat is the name of your state?

Put this in the tax forum.

 

[Dandy Don]

You can discuss this with the company that sold you the annuity or with a financial planner.