One of my clients contacted me and stated he had a retirement annuity that he makes a monthly payment to. On the paperwork, the Contract Plan Type is Individual Retirement Annuity. He and his wife are retired and not employed and draw a pension and Social Security plus their investment income. Both are over 65. He said his financial advisor said his payment should be tax deductible.
Is anyone familiar with this and can you tell me if it is deductible? If deductible, would it count as an IRA deduction? He is not currently drawing payments from this annuity.
Best Answer Click here
Google is a good friend to have. Have you done a search for individual retirement annuity?
I was going to suggest a search with Netscape, Compuserve, or AOL
Is your client making an excess contribution to an IRA? https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li....
Have the financial advisor give them the bad news and maybe even do the tax return?
I sent him that way! Thanks.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.