What Is A Personal Retirement Plan In Which Earnings Are Taxed At Withdrawal?

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   David RacichPRO

   Fountain Hills, Arizona

   All qualified retirement plans are taxed as ordinary income upon withdrawals or distributions. Non-qualified annuities with gain distributed first are taxed as ordinary income. A Modified Endowment Contract life insurance policy’s distributions with gain distributed first are taxed as ordinary income. All of these distributions are also includable for the provisional income test for Social Security benefit taxation. 

   Answered on July 3, 2013

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