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Tax consequences of liquidating an annuity
A better solution may have been to liquidate this contract and transfer the cash to the wife, avoiding the requirement that the State be named as beneficiary.
Under current law, a transfer to the spouse is an exempt transfer.
What additional taxes may apply to SIMPLE IRA withdrawals?
Unless you qualify for an exception, you’ll have to pay an additional 10% tax on the amount you withdraw from your SIMPLE IRA.
Under this special rule, if the additional income tax on early distributions applies to a distribution within this 2-year period, then the rate of additional tax under this special rule is increased from 10 percent to 25 percent.
If one of the exceptions to application of the early distribution tax under section 72(t) applies (for example, for amounts paid after age 59 1/2, after death, or as part of a series of substantially equal payments), the exception also applies to distributions within the 2-year period and the 25-percent additional tax does not apply.
In the Medicaid context it is important to distinguish these two annuities from one another as they are treated differently for eligibility purposes.
Qualified annuities, or as some people call them “retirement annuities” are an exempt asset for the purpose of qualifying for Medicaid so long as certain conditions are met.
Generally, the same tax results apply to distributions from a SIMPLE IRA as to distributions from a regular IRA.
However, a special rule applies to a distribution received from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer’s SIMPLE IRA plan.
Typically, the Department of Social Services in Suffolk County using their own tables, requires that applicants take a distribution from their qualified accounts that exceeds the amount required by the IRS.
Other counties rely on the IRS RMD tables, therefore the practice is not uniform throughout the state.