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the withdrawals as taxable income was difficult to explain to clients, especially because clients never received the withdrawn money.
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IRS Now Allows Tax-Free Annuity Withdrawals for Advisor Fees
- Friday, Sep 13 2019
- Regulatory & Compliance
- Written by PFA News
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.