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IRA distribution through variable annuity

  • 1.  IRA distribution through variable annuity

    Posted 01-07-2022 11:43 AM
    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

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


  • 2.  RE: IRA distribution through variable annuity

    Posted 02-07-2022 09:40 AM

    Can the individual use his distribution towards an event which results in a quid pro quo?
    Thanks,
    Fonda Mathis

    Director of Development Services

    Texas Lutheran University

     

     






  • 3.  RE: IRA distribution through variable annuity

    Posted 02-07-2022 10:44 AM
    Only if it is an RMD.  NOT if it is a QCD.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 4.  RE: IRA distribution through variable annuity

    Posted 02-07-2022 12:15 PM

    Thank you!