I have withdrawn $ 11,000 for immidiate purchase an annuity. My age is 69 years. Do I have to pay tax on them.?
Only in part attributable to the interest. Let us assume that the interest rate is 6.5%. So the first year may have to pay taxes by some 450 dollars or less. Well 2.5 months of the year and are more than just be around $ 350 or less.
Investment Advice : How to Calculate Annual Compound Interest
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