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IRA distribution through variable annuity

  • 1.  IRA distribution through variable annuity

    Posted 18 days ago
    Hi, all,

    We received a check from Pacific Life on behalf of an individual that includes a policy number, product name, and plan type. Since this check was coming from an account associated with a policy number, I was curious if it was a life insurance gift, so I Googled the product name (Innovations Select) and was able to determine it's a variable annuity. The plan type is listed as IRA, which would suggest this is an IRA distribution. I have never encountered this type of gift before, so I wanted to see if others had. The check also lists the gross withdrawal amount, withdrawal charges ($0), administrative fee ($0), net amount (same as gross), and taxable amount (same as gross). Does the taxable amount play into this at all in terms of qualifying as a QCD, if this is indeed an IRA distribution?

    Secondarily, and I think I know the answer to this but thought I'd ask anyway, would the hard credit donor be the individual or Pacific Life? I assume the individual.

    Thanks,
    Marie

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    Marie Loson
    Director of Advancement Services
    SUNY Potsdam
    losonme@potsdam.edu
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