Advisors had frequently complained that the prior requirement to report the withdrawals as taxable income was difficult to explain to clients, especially because clients never received the withdrawn money.
Estimated reading time: 0 minutes, 23 seconds
IRS Now Allows Tax-Free Annuity Withdrawals for Advisor Fees
The Internal Revenue Service has issued a letter to Lincoln Financial Group and Nationwide Insurance that states fee-based advisors can take as much as 1.5% of an annuity's value as a fee without requiring clients to report it as income. So reports RIA Biz.
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