North Carolina

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July 20, 2010

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North Carolina Annuity News

Treasury and IRS Issue Guidance on Source of Income from Life Insurance and Annuities.

Today, the Treasury Department and the Internal Revenue Service issued guidance on the source of income received by foreign persons and residents of Puerto Rico from life insurance and annuity contracts issued by U.S. companies.

Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient. Income with respect to a contract issued by a U.S. life insurance company constitutes U.S.-source income, without regard to whether the contract is issued by a foreign or Puerto Rican branch of the U.S. insurance company. Thus, the Revenue Ruling holds that a foreign person or Puerto Rican resident who receives income in the form of payments or withdrawals from a life insurance or annuity contract issued by a foreign or Puerto Rican branch of a U.S. life insurance company is subject to U.S. tax on such income.

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Did You Know?

Annuity tax-free exchanges, known as 1035 exchanges
Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.

	Newsroom
	Latest news about Annuity cases in North Carolina and nationwide: Former Insurance Broker Sentenced For Fraud And Money Laundering A Hanson man was sentenced yesterday in federal court for defrauding a number of individuals who believed that they were purchasing annuity policie... Read more > Railroad Retirement Annuity Estimates to be Available Online The U.S. Railroad Retirement Board announced that railroad employees can now get estimates of their future annuities over the Internet.Em... Read more > Department of Employee Trust Funds Announces Annuity Dividend and Variable Adjustment for Retirees MADISON Eric Stanchfield, Secretary of the Department of Employee Trust Funds (ETF), announced the annual post-retirement adjustments affecting ret... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Option A

Definition:
$10,000 in coverage that you can elect in addition to Basic insurance. Also called standard optional insurance.

Conversion

Definition:
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.

Annuity, Reduced

Definition:
A retiree's basic annuity that is reduced because of retirement before a certain age (for reasons other than disability). Annuities are also reduced because of unpaid deposits or redeposits, or to provide a survivor annuity. (Also called reduced benefits.)

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Annuity Law Hot Topics

Topics Related to Annuity:

Client Manipulation
Providing False Information
Lying to Auditors
Unauthorized Transactions
Breach of Fiduciary Duty
Broker Embezzlement

North Carolina Annuity-Law Attorney

If you live in the following cities and need an Annuity-Law attorney you should contact our Annuity-Law Attorney as soon as possible:

Apex
Asheboro
Asheville
Burlington
Cary
Chapel Hill
Charlotte
Clayton
Concord
Durham
Elizabeth City
Fayetteville
Fort Bragg
Garner
Gastonia
Goldsboro
Greensboro
Greenville
Henderson
Hickory
High Point

Jacksonville
Kernersville
Lenoir
Lexington
Lincolnton
Lumberton
Matthews
Monroe
Morganton
Mount Airy
Raeford
Raleigh
Reidsville
Sanford
Statesville
Thomasville
Wake Forest
Wilmington
Wilson
Winston Salem

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