Wendy Posted May 20, 2007 Report Share Posted May 20, 2007 I have a client who transferred money from one American Scandia annuity to another in 2005 with no taxable situation. AS sent 1099 as 0 taxable. Almost immediately after transfer, money was withdrawn and deposited to Hartford annuity. This was NOT an IRA. She now has penalty & interest CP2000 as she received a corrected 1099 showing taxable income. IRS agent told her that there was no tax if it was deposited to another annuity, and to include a letter and proof that it was. I cannot find any kind of confirmation that this would be true, but may be missing something. Is there any way to avoid tax on this situation? Thanks. Wendy Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted May 21, 2007 Report Share Posted May 21, 2007 I doubt it. Although she might consider suing the adviser who messed her up. Quote Link to comment Share on other sites More sharing options...
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