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This is a tricky situation, if you take an income stream from your annuity it may put you over the income limits to receive disability income. You should convert the CD in a Single Premium Whole Life product, they won't count it as a liquid asset although it liquid to you.
Yes, you can still qualify for Social Security Disability Insurance (SSDI) even if you have an annuity and a Certificate of Deposit (CD). The income and assets from these sources may affect your eligibility and the amount of benefits you receive, but they will not automatically disqualify you from receiving SSDI. It is important to review your specific financial situation with a Social Security Administration representative to determine your eligibility.
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What is a period certain annuity and a life annuity?
A period certain annuity guarantees payments for a specific period, such as 10 or 20 years, regardless of the annuitant's lifespan. A life annuity provides payments for the lifetime of the annuitant, ensuring income for as long as they live but ceasing upon their death.
Are annuity survivor benefits taxable to annuitant's spouse?
Yes, annuity survivor benefits are generally taxable to the annuitant's spouse as income when received. The taxable amount will depend on factors such as the type of annuity, how the annuity was funded, and any contributions made with pre-tax dollars. It is advisable to consult with a tax professional for specific guidance.
Do you capitalize grantor retained annuity trust?
Yes, Grantor Retained Annuity Trust should be capitalized as it is a specific type of trust.
Does Life with Certain Annuity expire?
Life with a certain annuity typically does not expire for the duration specified in the contract, which could be for a set number of years or for the life of the annuitant. Once the specified period ends, the annuity payments cease.
Is a Grantor Retained Annuity Trust revocable or irrevocable?
A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust that allows the grantor to transfer assets to beneficiaries while retaining an annuity interest for a specified period. Once the GRAT is established, the terms cannot be changed or revoked by the grantor.
Can you have a credit account and still receive SSDI?
no
Will my child still receive ssdi child support if he gets adopted?
Not from the parent that is losing parental rights.
What is immediate annuity and what is it used for?
An immediate annuity is something that will give you a stream of income for life. You can purchase them from insurance companies. They are great because even if you live to be 120 years old you will still get payments.
Will the songs from the CD still be on the CD and on the computer?
You can copy songs from a CD to a computer. The CD is not changed in anyway.
Who is amerilife financial group?
A total rip off company that preys on the elderly. They come door to door and target the elderly. They sold my mother a $15,000.00 annuity and she is 80 years old. The money was secure and in a CD. Who needs an annuity when you are 80 years old?
Do you pay taxes on income earned in an annuity?
If the annuity is a non qualified tax deferred annuity (an annuity that taxes were paid on the money before they were placed into the annuity) you will pay taxes on any interest growth when it is removed from the annuity. If the annuity is a qualified annuity (no taxes were paid prior to placing the fund into the annuity) you will pay taxes on all withdrawals from the annuity.
If you have an On the Record hearibg for SSDI and your case is approved do you still have to attend a court hearing?
Yes. you still need to attend court hearing even though your case is approved.
Why should everyone have annuity insurance?
Annuity insurance is a policy which one would have and would withdraw on. They are popular with persons who still would like a steady income after retirement. One could invest and yet still receive funds to live on.
Saving on SSDI?
SSDI is also known as Social Security disability insurance. There is not saving this all you can do is apply for it.
If you have an annuity of 10K that pays about 5 percent each year should you use that to pay as much of your tuition bill as you can?
Assuming that the annuity in question is a "deferred" annuity (that is, that it is not already providing regular annuity payments), the answer depends upon whether you're over 59 1/2 or not. If you're not, any distributions from that annuity will be taxable as Ordinary Income AND subject to a 10% penalty tax - 10% of the amount of the distribution (IRC Sect. 72(q)). Not a very attractive result. If you're over 59 1/2 and still attending school, BRAVO! But the distribution from your annuity will still be taxable (but without that 10% penalty tax).
What is the primary difference between an annuity and a compound annuity?
difference between an annuity and a compound annuity?Read more: What_is_the_primary_difference_between_an_annuity_and_a_compound_annuity
What is monthly annuity?
The option to get annuity every month is called monthly annuity.
