IRS guidance may allow annuity exchange for better returns

08/1/2013 | Nerd's Eye View blog

According to financial columnist Michael Kitces, a private letter ruling from the Internal Revenue Service may open the door to better returns on inherited nonqualified annuities held outside of retirement accounts. A recent ruling allowed the beneficiary of an annuity to exchange it for a new variable annuity with better returns as long as other technical requirements for the exchange were met. Kitces discusses the applicability, and caveats, of the ruling on so-called 1035 exchanges.

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