What is the name of your state (only U.S. law)? MD
If you withdraw money out of an annuity before age 59 1/2 are you penalized 10% by the IRS on the earnings only or on the entire amount (principal and interest) in the account? Also are the earnings taxed as ordinary income or capital gains?
If you withdraw money out of an annuity before age 59 1/2 are you penalized 10% by the IRS on the earnings only or on the entire amount (principal and interest) in the account? Also are the earnings taxed as ordinary income or capital gains?