If you have the funds deposited directly with the second bank, you should not have to pay taxes. However, this needs to be arranged beforehand. Set up an account with the new bank then contact the old bank and let them you know want to rollover to a new custodian (new bank). They will make the check out directly to the new bank.
www.msmoneysavvy.com
I have annuity from one bank and I rollover to anther bank do i have to paid taxes on the money i rollover?
You'll want to do a 1035 exchange to keep this tax deferred. The new company you are going with will have the details inside and out, but if you need further explanation, you can email me.
Also, make sure you do significant shopping ahead of time. Typically, annuities have hefty CDSCs, (contingent deferred sales charges) so you'll be locked in for a while. Different companies vary widely in the benefits they offer within their annuity contracts.
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