Wisconsin Annuity as Consideration for Transfer of Securities
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FAQ
In the case of annuities, you can surrender your existing contract for another annuity with a different insurance company without fear of IRS penalties or restrictions.
Contact your annuity company and let your account manager know you want to change the owner of your contract. The annuity company will send you a change of ownership form. Fill out the change of ownership form for your annuity.
Yes, you can roll over or exchange a fixed annuity for a new annuity. Check to make sure that surrender charges don't apply, however. Typically, a minimum deposit of at least $5,000 will be required.
Annuities outside of an IRA structure can be transferred as a nontaxable event by using the IRS approved 1035 transfer rule. Annuities within an IRA can transfer directly to another IRA with an annuity carrier, and not create any tax consequences as well.
Annuities that are part of an IRA cannot be used as collateral. Loans are available from deferred annuities that are part of a pension if the plan allows it. Loans can be taken without penalty or tax consequences if: The proceeds are paid back within 5 years.
A 1035 transfer is a tax-free transfer from one insurance company annuity to another. You don't pay taxes or penalties if you transfer the funds this way.
You can change annuity brokers, but changing annuities can be costly.
In the case of annuities, you can surrender your existing contract for another annuity with a different insurance company without fear of IRS penalties or restrictions.
