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    lnza4's Avatar
    lnza4 Posts: 22, Reputation: 2
    New Member
    		  
    #1

    Jun 20, 2008, 08:40 PM
    Withdrawal from annunity
    I submitted my papers in for my pension. I have 275k in my anunity and I would like to get access to some money to help with mortg, etc. I live in Florida and I have filed for social security disability. If I'm awarded I do not have a 10% Penalty on my money, it would just be added on to my 1099. I would need to have a montly withdrawal to cover my expenses. Or do I apply for a withdrawal of a loan @ 6% for 5 yrs. I don't know what is the better of the two. Is there something I need to consider. Right now the only income I have is workmen's comp for 1,600 a month. I'm running into debt if I don't do something. Right now the HELOC at 5% is helping get through this. Help:confused: :confused: :confused:
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 23, 2008, 07:47 AM
    If you are disabled, you can generally access annuity money early without paying an Early Withdrawal Penalty to the IRS.

    However, there may be substantial penalties imposed by the annuity itself.
    lnza4's Avatar
    lnza4 Posts: 22, Reputation: 2
    New Member
    		  
    #3

    Jun 24, 2008, 07:37 AM
    I don't understand when you said penalities by annunities... who would that be... New York Life... is where the annunity is. I believe after one year of not contributing to the fund you are allowed to roll-over.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jun 24, 2008, 12:49 PM
    Whether there are withdrawal penalties on the annuities depends entirely on the annuity contract.

    I cannot comment further without actually looking at the annuity paperwork.
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