 LIFO—Last In, First Out
|
LIFO—Last In, First Out
A tax term used to describe how the IRS categorizes withdrawals when assessing taxes. Simply stated, earnings are credited to the annuity account last and viewed as coming out first for tax assessment purposes. Annuities issued after August 14, 1982, are subject to the LIFO ruling.
|
Email This Page
Printer Friendly Version
