[RT] Fw: VARIABLE ANNUITY INTO IRA (ROTH)

["Charles Meyer" <chaze@xxxxxxxx>]

Group-
 
Got the answer to my question from an 
attorney.  This reply may help someone else.
 
Chas
====
 

Hi Charles,
 
Before the money is distributed out of an Annuity, you can use Section 1035 
to exchange one Annuity for another Annuity; however, after the distribution is 
made, no deferral is possible. You are correct that an Annuity cannot be rolled 
over into an IRA.
 
Unfortunately, there is no way to take the tax bite away. The taxes are 
deferred, but not avoided as in a tax-free investment which typically has a much 
lower yield.
 
Regards,Board Certified in Estate Planning & Probate Lawby the 
Texas Board of Legal Specialization
 
Law Offices of 
<BLOCKQUOTE 
>
  Do you know who I could ask this question of; to 
  insure a correct answer?  
   
  I would think the answer is 'no' but I need to be 
  sure.  The question is whether it is <FONT face=Arial 
  size=2>possible to roll a variable annuity over (after money is taken out and 
  taxes paid) into an IRA; which would 
  probably be a Roth IRA?
   
  Looks like there's no way around; nor any 
  redeeming financial scenerio;for one taking monies out of annuities 
  without having
  to bite the tax bullet.    
  
   
  Thanks for any feedback.
   
  ChasTo 
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