Permalink Submitted by Robert Wright on Thu, 2007-11-01 17:10
72(q) referrs to non qualified annuities.
It is the non-qualified annuity equivalent of 72(t) which refers to IRAs and other retirement plans.
72(q), among other things, grants relief from the 10% excise tax for premature distributions from a non qualified annuity for
“(9) any payment that is part of a series of substantially equal periodic payments made (not less frequently than annually) for the life or life expectancy of the taxpayer or the joint lives or joint life expectancies of the taxpayer and his designated beneficiary.”
Permalink Submitted by Robert Wright on Thu, 2007-11-01 17:10
72(q) referrs to non qualified annuities.
It is the non-qualified annuity equivalent of 72(t) which refers to IRAs and other retirement plans.
72(q), among other things, grants relief from the 10% excise tax for premature distributions from a non qualified annuity for
“(9) any payment that is part of a series of substantially equal periodic payments made (not less frequently than annually) for the life or life expectancy of the taxpayer or the joint lives or joint life expectancies of the taxpayer and his designated beneficiary.”
This is from 2006 Tax Facts, Q4, page 6 and 7.