House Bill Would Impact Taxes on Annuities, IRAs and Longevity Insurance
A House bill introduced by Representative Earl Pomeroy, D-N.D., would affect the tax treatment of certain annuities and income from IRAs. H.R. 2748, the Retirement Security Needs Lifetime Pay Act, would create a tax exemption for 50% of the income drawn from a non-qualified annuity. The exemption would be capped at $10,000 per year. The bill would also create a 25% tax exemption for income payments from an individual retirement account (IRA). Last, the bill would exclude the value of longevity...
Glossary:
Key Phrases:
