Combo Split Annuity Rates Feb. 2023 | Income & Growth Guaranteed & tax excluded Income Payments!

10 Year Guarantee Combo Split Annuity Illustrations February 2023 | Income & Growth Guaranteed with tax exclusion ratio.

Sample Illustrations

Total Premium $500,000:
SPIA: Immediate Annuity Side $205,893.00
MYGA: Multi Year Guarantee Annuity Side $294,107.00

Growth and Income:
Immediate Annuity Income $2,046.12 per month for 120 months
Multi Year Guarantee Annuity Interest Rate 5.45% guaranteed for 10 years

Premium Tax On Immediate Annuities:
States which charge a premium tax will have a lower monthly income. Premium tax states include CA, CO, ME, NV, SD, TX, WY.

Immediate Annuity Exclusion Ratio:
Assuming 100% cost basis (previously taxed funds) the payment may only be 17.3% taxable. A $2,074.12 payment with 82.7% exclusion ratio = $1,715.29 excluded and $358.83 taxable. At a 25% tax bracket there would be $89.81 tax on each payment. $1,954.41 would be the approximate after tax income.

Multi Year Guarantee Annuity taxable interest:
$294,107.00 is the cost basis and $205,893 is the interest gain. The interest is tax deferred until withdrawn. After the 10th year if the annuity is surrendered/cashed out the $205,893 is fully taxable as income. If 1035 exchanged to a new split annuity, the tax deferral continues. If using a partial 1035 exchange and placing funds into a new split annuity, a prorated cost basis will be used and the income will have a lower exclusion ratio.

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