Vermont

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August 24, 2010

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Vermont Annuity News

OTR Issues Advisory on Survivor Benefits

(Washington, DC) The Office of Tax and Revenue (OTR) would like to remind taxpayers that if they are 62 years old, some or all of their pensions, military retirement pay, annuity income, and survivor benefits paid by the District or the federal government are not subject to District income tax. The lesser of the amount received or $3,000.00 in pensions, military retirement pay, and annuity income are not subject to District income tax. Pensions, military retirement pay, and annuity income in excess of $3,000.00 are subject to District income tax. There is no limitation on survivor benefits. All of survivor benefits are exempt from District income tax.

If a taxpayer has already filed a District individual income tax return and paid District income tax on the survivor benefits received, they should file an amended return and claim a refund for the District tax paid on the survivor benefits. For a claim to be valid, it must be filed within the later of 3 years from the due date of the return or 3 years from the date the tax was paid.

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Did You Know?

Annuity tax-free exchanges, known as 1035 exchanges
Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.

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Annuity Lawyers.com Terms

Today's Terms

Market Rate of Interest

Definition:
The percentage of interest paid on certain FERS deposits and refunds. Based on the average interest earned by the Civil Service Retirement and Disability Fund in the previous year. In 1998, the interest rate is 6.75%.

Age Multiplication Factor

Definition:
A factor used to determine the extra amount of Basic insurance payable at the time of your death, if you die before age 45 (also referred to as the "extra benefit").

Assignee

Definition:
The individual, corporation, or trustee to which you irrevocably transfer ownership of FEGLI coverage (except Dismemberment coverage and Option C).

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Annuity Law Hot Topics

Topics Related to Annuity:

Client Manipulation
Providing False Information
Lying to Auditors
Unauthorized Transactions
Breach of Fiduciary Duty
Broker Embezzlement

Vermont Annuity-Law Attorney

If you live in the following cities and need an Annuity-Law attorney you should contact our Annuity-Law Attorney as soon as possible:

Barre
Bennington
Brattleboro
Burlington
Colchester
Essex Junction

Milton
Montpelier
Rutland
Saint Albans
South Burlington

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