I took money out of my mutual fund (non ira) and put it in a fixed rate annuity. What tax liability issues are there?
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I took money out of my mutual fund (non ira) and put it in a fixed rate annuity. What tax liability issues are there?
You report the sale of the mutual fund on schedue D, and either pay capital gains tax on the gain or take a loss, depending on the proceeds you received versus your cost basis. It doesn't matter that you used the money to invest in an annuity.
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