How much and at what rates

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Reference no: EM131903640

Kanu has a $515,000 inside a deferred variable annuity. He put $500,000 into the annuity and the remaining $15,000 is growth. He started the annuity exactly one year and one day ago. The sub account for the annuity is 100% invested in stocks. Kanu is 65.

a. If Kanu withdraws $1,000 will any of it be taxed? How much and at what rates (ie Ordinary Income Rate, Short Term Capital Gain Rate, etc...)?

b. If Kanu withdraws $20,000 will any of it be taxed? How much and at what rates (ie Ordinary Income Rate, Short Term Capital Gain Rate, etc...)?

c. If Kanu withdraws all of his money will any of it be taxed? How much and at what rates (ie Ordinary Income Rate, Short Term Capital Gain Rate, etc...)?

d. If Kanu withdraws all of his money after 1 year does he have anything to worry about other than taxes?

Reference no: EM131903640

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