Aloha,
I was "given" an annuity when I turned 25. I was under the impression once I reached the designated age my grandfather designated in his will i would be receiving the funds as my sister did when she turned 25. Sadly I was told that I am not the annuitant, but the owner and if I withdrawal any funds I will be taxed the 10%. The annuitant is my grandfathers power of attorney and the age that the annuity is set at for maturity is 59 1/2. I've read through some of these threads pertaining to this subject and I am still confused. If the power of attorney reaches the age of 59 1/2 which I think is quite soon if not already then are the funds freed up and able to be withdrawn without being taxed? I'm going to school and working and finding it extremely frustrating that money set up for me to use for education is coming with a tax. If anyone has any information to offer I would be extremely appreciative. I've contacted Transamerica many times before and I never get a clear answer about what's going on. Thank you.
I was "given" an annuity when I turned 25. I was under the impression once I reached the designated age my grandfather designated in his will i would be receiving the funds as my sister did when she turned 25. Sadly I was told that I am not the annuitant, but the owner and if I withdrawal any funds I will be taxed the 10%. The annuitant is my grandfathers power of attorney and the age that the annuity is set at for maturity is 59 1/2. I've read through some of these threads pertaining to this subject and I am still confused. If the power of attorney reaches the age of 59 1/2 which I think is quite soon if not already then are the funds freed up and able to be withdrawn without being taxed? I'm going to school and working and finding it extremely frustrating that money set up for me to use for education is coming with a tax. If anyone has any information to offer I would be extremely appreciative. I've contacted Transamerica many times before and I never get a clear answer about what's going on. Thank you.