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New York Annuity News
OTR Issues Advisory on Survivor Benefits
(Washington, DC) The Office of Tax and Revenue (OTR) would like to remind taxpayers that if they are 62 years old, some or all of their pensions, military retirement pay, annuity income, and survivor benefits paid by the District or the federal government are not subject to District income tax. The lesser of the amount received or $3,000.00 in pensions, military retirement pay, and annuity income are not subject to District income tax. Pensions, military retirement pay, and annuity income in excess of $3,000.00 are subject to District income tax. There is no limitation on survivor benefits. All of survivor benefits are exempt from District income tax.
If a taxpayer has already filed a District individual income tax return and paid District income tax on the survivor benefits received, they should file an amended return and claim a refund for the District tax paid on the survivor benefits. For a claim to be valid, it must be filed within the later of 3 years from the due date of the return or 3 years from the date the tax was paid.
A variable annuity has two phases: an accumulation phase and a payout phase.
During the accumulation phase, you make purchase payments, which you can allocate to a number of investment options. For example, you could designate 40% of your purchase payments to a bond fund, 40% to a U.S. stock fund, and 20% to an international stock fund. The money you have allocated to each mutual fund investment option will increase or decrease over time, depending on the fund's performance.
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Latest news about Annuity cases in New York and nationwide:
Trust Mills Can Be Financial Traps
Consumer: I’m exploring estate planning options, including living trusts. I’ve read recent warnings about “trust mills.” What are these?
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Definition:
Retirement benefit paid on a monthly basis
Conversion
Definition:
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.
Option C
Definition:
Coverage, to insure your spouse and eligible child(ren), that you can elect in addition to Basic insurance. You can elect up to 5 multiples of the coverage amounts (each multiple equals $5,000 for a spouse and $2,500 for an eligible child). Also called family optional insurance.
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