A good, straightforward article on how annuities are taxed from Kiplinger Contributing Editor Kimberly Lankford.
There is discussion of tax implications of using qualified funds (i.e. funds from an IRA or 401k) to purchase an annuity versus non-qualified funds.
Also basic discussion of how different types of annuities such as deferrerd and immediate are taxed.
1035 exchange tax issues are also addressed.
Source: Kiplinger
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