Reply To: Incorrect coding after 1035 on inherited non-qualified annuity with RMD

Home Fairmark Forum Retirement Savings and Benefits Incorrect coding after 1035 on inherited non-qualified annuity with RMD Reply To: Incorrect coding after 1035 on inherited non-qualified annuity with RMD

#1908
Alan S.
Participant

They are required per the tax code Sec 72(s). There is just no excess accumulation penalty, but the code says that the contract will not be considered an annuity if these provisions are not required in the contract. If not an annuity then all amounts in excess of the basis will be taxable. You are doing a better job than Nationwide so there is no problem. If Metlife messed up in 2014, I would not worry about that now.