West Virginia

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August 24, 2010

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West Virginia Annuity News

Treasury and IRS Issue Guidance on Source of Income from Life Insurance and Annuities.

Today, the Treasury Department and the Internal Revenue Service issued guidance on the source of income received by foreign persons and residents of Puerto Rico from life insurance and annuity contracts issued by U.S. companies.

Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to income to the recipient. Income with respect to a contract issued by a U.S. life insurance company constitutes U.S.-source income, without regard to whether the contract is issued by a foreign or Puerto Rican branch of the U.S. insurance company. Thus, the Revenue Ruling holds that a foreign person or Puerto Rican resident who receives income in the form of payments or withdrawals from a life insurance or annuity contract issued by a foreign or Puerto Rican branch of a U.S. life insurance company is subject to U.S. tax on such income.

Contact a West Virginia annuity lawyer today and get a free consultation!

Did You Know?

A variable annuity has two phases: an accumulation phase and a payout phase.
During the accumulation phase, you make purchase payments, which you can allocate to a number of investment options. For example, you could designate 40% of your purchase payments to a bond fund, 40% to a U.S. stock fund, and 20% to an international stock fund. The money you have allocated to each mutual fund investment option will increase or decrease over time, depending on the fund's performance.

	Newsroom
	Latest news about Annuity cases in West Virginia and nationwide: Mayor Bloomberg Announces Tentative Agreement With The Uniformed Firefighters’ Association Mayor Michael R. Bloomberg and Uniformed Firefighters’ Association (UFA) President Stephen J. Cassidy today announced that a tentative contract set... Read more > Former Bank Manager Sentenced For Embezzling Over $2 Million From Employer LAS VEGAS - - A former bank manager has been sentenced to 41 months in prison for her guilty plea to embezzling over $2 million from the bank durin... Read more > Railroad Retirement Annuity Estimates to be Available Online The U.S. Railroad Retirement Board announced that railroad employees can now get estimates of their future annuities over the Internet.Em... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Annuitant

Definition:
A former employee entitled to an annuity under a retirement system established for employees. This includes the retirement system of a nonappropriated fund instrumentality of the Department of Defense or the Coast Guard.

Assign and Assignment

Definition:
Your irrevocable transfer of all ownership of FEGLI coverage (except Dismemberment coverage and Option C) to another individual, corporation, or trustee.

Option B

Definition:
Coverage, equal to up to 5 multiples of your annual basic rate of pay, that you can elect in addition to Basic insurance. Also called additional optional insurance.

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Annuity Law Resources

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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

West Virginia 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:

Barboursville
Beckley
Bluefield
Bridgeport
Buckhannon
Charles Town
Charleston
Clarksburg
Elkins
Elkview
Fairmont
Grafton
Harpers Ferry
Huntington

Hurricane
Keyser
Logan
Martinsburg
Morgantown
Moundsville
Oak Hill
Parkersburg
Princeton
Saint Albans
Vienna
Weirton
Wellsburg
Wheeling

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