Annuity Contributions: Tax Deductible or Not?

Shawn Plummer

CEO, The Annuity Expert

When you make contributions to an annuity, are they tax deductible? This is a question that many people have. Unfortunately, the answer is not always straightforward, as there are a few things to consider. This guide will discuss the tax implications of annuity contributions and help you determine whether or not they are deductible.

Are Annuity Contributions Tax Deductible?

The answer to this question depends on the type of annuity you have. If you have a qualified annuity, contributions may be tax deductible up to a certain amount. However, contributions are not tax deductible if you have a non-qualified annuity.

If you’re unsure which type of annuity you have, you can check with your plan administrator or financial advisor. They should be able to tell you whether contributions to your annuity are tax deductible.

Bottom Line

If you’re looking for a tax-deductible way to save for retirement, an annuity may be the right choice. However, it’s essential to understand the difference between qualified and non-qualified annuities before deciding. Contact us today for a free quote and more information about how annuities can help you save for retirement.

Are Annuity Contributions Tax Deductible

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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