The 10 percent federal penalty tax generally applies to the taxable amount of annuity distributions made before the owner is age 59 1/2. However, exceptions are made for distributions:
- Made as a result of the owner's death or disability;
- Made in substantially equal periodic payments over the life or life expectancy of the owner, or joint lives or joint life expectancy of the owner and designated beneficiary;
- Made under an immediate annuity; or
- Attributed to investments in the annuity made before August 14, 1982.
Back to Top | Next
Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.
