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Return To Annuity FAQ Archive   Search the Archives Are beneficiaries taxed on the interest accumulated inside the annuity? Answered By Ammon Yorke, Editor Beneficiaries will be taxed on the tax-deferred interest that has been accumulated inside the annuity, provided that they have received the money. But, if an owner dies and his/her beneficiary is his/her spouse, the latter have the option to proceed with the annuity plan and lift up paying taxes as well. In this case, the client has the sole right when to pay income taxes. In case that the beneficiary of the plan owner is not his/her spouse and the owner dies, the beneficiary assigned must withdraw the money within the period of five years or else, it will be received over a certain period determined by the annuity assurance company. This option, however, are applicable when this is elected for the first 12 months after the plan owner’s death. --- permission must be obtained from editor Ammon Yorke to re-publish --- keywords: Annuities | Annuity | Taxes Annuity Calculations

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