I'm thinking about cashing in my annuity...

Question

it's about 150,000. my dad is currently unemployed and my car just broke down, all i need is enough to get a reliable car. How much will i receive and how much will it cost me? it's really my only option at this point..helppp

Answer 1

You don''t give enough info to tell.  If it's in a tax deferred retirement plan, it's most likely all taxable, plus a 10 percent penalty.  If it's just an annuity that you purchased, any gain would be taxable income.  Talk to the company you have the annuity with.