can I take a capital loss write off for a cashed in life annuity policy?
110548
I understand that it is a miscelleneous itemized deduction, subject to the 2% floor.  You really need to see a CPA as this loss may not be recoverable.  There are certain circumstances where other rules may apply.  Annuities are not investments, they are life insurance contracts.  They exist to guarantee you an income for life so that you cannot outlive your investments.
405042
No, you will owe tax on them unless you have capital losses to balance them. Either way you have to file
172445
Usually not. As long as all the rules are followed correctly and you don't take the funds out or do some kind of prohibited transaction. Have your lawyer or CPA review th plan with you to make sure it all goes the right way.\n\nsorry for your loss.
274282
If you have a loss on you schedule D The amount of the loss is then carried over to the 1040 on line 13. I hope this answered your question.
601363
In many life insurance companies, no one is covered if the owner of the policy commit suicide. Some companies have a suicide clause where you are covered for a certain amount of time when you commit suicide. For a beneficiary to claim life insurance proceeds, a proof of death is required.\n\nRemember, if you are choosing term, you want to choose the maximum length available like 30 years. And also, you want to invest in mutual funds at the same time (you should put away $100/month into it if you understand the Dollar Cost Averaging concept).
918984
Check into a reputable insurance co.  Not one offered by the bank or broker.  You can get a much higher return if you go directly to an insurance co.  Rollover your 401K to a Fixed Annuity if you like safety and want to see it grow and no risk of the market.  Hope that gives you some info.
394794
Return on Capital a/k/a ROC
845332
Absolutely.\n\nYou should call them and offer to make small nominal payments in advance (or even let them take small token payments directly from your checking account) while you are gone.\n\nYour account will continue to accrue interest while you are gone, however, and your repayment schedule will be altered to be longer.\n\nIf you are going to be gone and not driving your car, you may want to contact your auto insurer and tell them to put your liability policy in abeyance while you are gone.  They can probably halt the need for liability premiums and you'd likely get to extend your insurance coverage when you get back to make up for the time you didn't use it.
776810
Excellent question that is sure to get a wide variety of answers.\n\nPersonally, I'd take the loss and use the $3000 against other income.  This will lower your AGI and your taxable income...both are usually good things.  Lower your tax burden now.  Use the windfall to purchase more of the mutual fund.  If you are happy with the fund, why sell it?\n\nThe federal government taxes LTCG at 15%...CA taxes all gains the same.  If you don't sell the mutual fund, you save 28% + 9% x $3000 or $1110 in taxes for two years straight.  If you sell the mutual fund now, you will lose out on that windfall.  If you sell the mutual fund 5 years from now, the extra tax burdon will be 15% + 9% x $3000 = $720 ... a net gain of $390.  Not only that, but you will be able to make interest off the government's $720 for five years before having to pay it back AND you won't be out the 1% sales expense.\n\nIn general, it is best to offset short-term capital gains with losses, but try to not offset long-term capital gains.  A better way to say this may be to say never use long-term gains to offset any capital loss.  Take the loss, lower your income, and enjoy the tax break.\n\nOne big caveot is you never know what Congress will do with tax rates, especially capital gains.  A shift to a Democratic congress may cause the LTCG rate to go back to 20%.  Even at 20% this type of tax planning makes sense, but the benefit drops considerably.
987231
I don't believe you can transfer the premium. Sometimes insurance co will let you convert term policy to whole life policy. However, if it's allowed, it will say so on the policy itself. You are better off canceling the mortgage protection and shop around for regular life insurance policy. I used  reliaquote.com before and found it very reliable.
13963
There are medical tax write offs you can do. But you need to combine it with a regular expenses too.. So basically yes/ with limitations
483855
Expenses are generally higher in variable annuities than mutual funds but there are no front-end loads to deal with and annuities can offer things that mutual funds can't - like guarantees. \n\nAnnuities may help you 1)Receive guaranteed retirement income payments for as long as you live, 2)Protect beneficiaries with a death benefit 3)Diversify your investments. 4)Grow assets on a tax-deferred basis and 5)Avoid outliving your assets.\n\nIf you want to protect your beneficiaries, variable annuities generaly offer a choice of death benefits to protect assets for your beneficiaries should you die prior to annuitization. Also, a variable annuity’s death benefit avoids the expense and delays of probate.\n\nIf you're concerned about the volatility of the stock market some variable annuities offer an “Income Benefit” feature. This optional feature (available for an additional fee) can provide you with a minimum level of income (upon annuitizing the contract) should the market decline dramatically. Some variable annuities also offer principal protection features which guarantee that you will get back at least your initial investment after some stated period of time (typically ten years).
1170151
The law is 3 years, but there are exceptions.  I exception is carry over of capital losses.  You can carry those over, I think for 5 years so that would mean that you have to have the documentation covering the loss for a total of 8 years.  That is just one example that I am aware of.  There are numerous others.  Another obvious example is any documentation of stocks that you purchased but did not sell until years later.  You need to keep them for 3 years following reporting of taxes on the sale.
892607
The stock received by you is considered income, and will be taxed based on the value it had at the time of transfer to you.  This value will usually be determined by the company if the stock is not publicly traded.\n\nOnce you receive the stock, you can hold it or sell it.  If you sell it for a gain later on, you pay LT or ST capital gains tax depending on the holding period. If you sell for a loss, you can claim a loss deduction against other Cap Gains, or write off $3K each year against other income,  until the loss is wiped out.\n\nBear in mind that you will likely be asked to pay FICA and Medicare taxes on the value of your stock, since it is considered as income.  Your best bet is to talk to your company HR manager.\n\nIf you receive stock options, that is a whole different story. Can be discussed some other time.
794021
You can withdraw the Roth with no tax on any amount equal to, or less than, the original contribution amount. You can deduct the loss as unrecovered investment in an annuity (assuming that you have enough itemized deductions) under miscellaneous deductions on Schedule A. It will not be subject to The 2% limit. Please see a professional preparer. If they do not know about this way to deduct the loss, find one who does.
1030286
It depends on whether you have term or whole life insurance.  Term insurance is "pay-as-you-go", and has no cash value (unless you die during the covered term)\n\nWhole life on the other hand, builds cash value (with the idea that that cash value will pay for the costs of insurance at the point that you are older and not working).  If you have a whole life policy with cash value you may be able to 1) cash it out, or 2) borrow against its value.  Certainly consult with your insurance professional since doing either of these may ending up costing you your coverage at some later point (perhaps when you need it the most.)
126972
Yes.  The 10K loss can be used to offset gains in future years: or, if you have no gains in future years, U can offset income at the rate of $3K per year. Indeed, U can offset income in the amt. of 3K this year. Complete Schedule D, which will show a loss of $3K. This loss is inserted on page 1 of Form 1040.  Good luck.