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The Internal Revenue Service has issued a letter to Lincoln Financial Group and Nationwide Insurance that states fee-based advisors can take as much as 1.5% of an annuity's value as a fee without requiring clients to report it as income. So reports RIA Biz.

Advisors had frequently complained that the prior requirement to report the withdrawals as taxable income was difficult to explain to clients, especially because clients never received the withdrawn money.

Read the full article from RIA Biz.

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