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A 62-year old client makes her first withdrawal from a non-tax qualified annuity. This will result in:

User Tjirp
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Answer:

ordinary income taxed at ordinary income tax rates that is not subject to a penalty

Step-by-step explanation:

Annuity is simply said to be contract that is drawn that helps in the provision of income for a number or specified period of years. It seek to protects a person from outliving his/ her money. It is not a life insurance but rather a tool or a vehicle for the accumulation or gathering of money and the liquidation of an estate. There are Fixed annuities, equity indexed annuities, and variable annuities.

User Cutsoy
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