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Business, 31.12.2019 05:31 repirce4238

Lorraine invested $50,000 in a nonqualified deferred annuity at the age of 50. three years later, the contract has grown to $64,000, and lorraine takes a $5,000 withdrawal. which of the following statements is true? a. the withdrawal is fully taxable. b. the withdrawal is not taxable. c. $4,000 of the withdrawal is taxable; $1,000 is tax free. d. $1,000 of the withdrawal is taxable; $4,000 is tax free.

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Lorraine invested $50,000 in a nonqualified deferred annuity at the age of 50. three years later, th...
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