SERIES 7 TUTORING TIPS - ANNUITIES
One of my favorite series 7 tutoring tips is: "Don't overlook annuities". There are likely only about 10 to 15 pages in your textbook on annuities but on the exam there could be a lot of questions. There are many different ways that FINRA could ask questions about annuities. They could ask questions about regulations, tax, the differences between fixed and variable annuities, equity indexed annuities, riders, payout options, death benefits, etc. Try the following question: if you have trouble with this question, you should consider working with a series 7 tutor.
117. Your 62 year old customer, over time, has contributed $250,000 to a non-qualified variable annuity. The current account value is $450,000 and she has decided to annuitize utilizing the straight life method. Her first’s year’s payout will be 25,000. What will be the tax consequences of the payout?
A. The payout will be fully taxable at ordinary income rates but there will be no 10% penalty
B. The payout will be fully taxable at long term capital gains rates with a 10% penalty.
C. The payout will not be taxable and there will be no 10% penalty
D. The payout will be partially taxable with no penalty and partially not taxable.
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