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Advisors' Advice: When Should Clients Exchange Variable Annuities?
Melanie Waddell
October 1, 2019
The Internal Revenue Service allows clients to exchange one VA contract for a new one without paying tax on the income and investment gains earned on the original contract through a 1035 exchange, FINRA notes, which “can be a substantial benefit — and is often used as a selling point.” However, this tax benefit comes with “some important strings attached,” as FINRA notes in a recent investor alert.
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