Are annuity contributions tax-deductible?
ANSWER:
It depends on whether the annuity is qualified or non-qualified. Both are tax-deferred. A non-qualified annuity is purchased with after-tax dollars. This allows you to defer paying income taxes on the earned interest from the annuity until you take the money out. When purchased for an IRA or other qualified retirement plan, the contributions to the annuity may be tax-deductible as well as tax-deferred.
Annuities
Thursday, Nov 21st 2024
Health Savings Accounts
You can use this account to pay for your qualified health expenses, including expenses that the plan ordinarily doesn’t cover, such as eyeglasses and hearing aids.
Expenses paid out of the HSA that are eligible expenses under your high-deductible health plan will count toward the plan’s deductible.
