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Jul 21, 2008 3:19 pm

Babs, please don’t tell me that someone who has been around as long as you have hasn’t done this.  Could it be that you don’t have your 67 and 69?  You should be ashamed of yourself.  How else would you get your clients out of these non-qualfied VA’s unless you are able to do a 1031 exchange?

Jul 21, 2008 3:31 pm

You can’t roll a non qualifed annuity into an IRA.

  You can only make the allowable annual contributions IF you have earned income for that contribution year.  Annual contributions cannot be made in kind either.  They must be cash.   Rollover from a qualified plan to qualified plan can be in kind.  Not new contributions or from non qualified appreciated securities.    
Jul 21, 2008 4:20 pm

[quote=babbling looney]You can’t roll a non qualifed annuity into an IRA.

  You can only make the allowable annual contributions IF you have earned income for that contribution year.  Annual contributions cannot be made in kind either.  They must be cash.   Rollover from a qualified plan to qualified plan can be in kind.  Not new contributions or from non qualified appreciated securities.    [/quote]   Obviously a sense of humor was lost on Babs this nice Monday morning...   Although, Anon, I thought you could just call the annuity company and have them add IRA after the clients name on the non-qualified account?  If not, I'm sure we could just add the letters ourselves to their statements if we used a pen, not a pencil.
Jul 21, 2008 4:49 pm

Yeahhh, I don’t think that girl that started this post is coming back.  She might change her screen name, but we pretty much all just shat on her.

Jul 22, 2008 4:28 am

I’m sorry I waited till now to read this post.  I learned so many great things that I just HAVE to show my BOM.


Jul 22, 2008 3:44 pm
gvf:

I’m sorry I waited till now to read this post.  I learned so many great things that I just HAVE to show my BOM.


  Why are you going to show him what you waste your time on?  Won't he tell you to prospect instead of be on here?