non qualified, non spousal, inherited annuity tax (North Carolina)

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happysteward
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non qualified, non spousal, inherited annuity tax (North Carolina)

Post by happysteward »

Hi friends,

Receiving a non qualified , non spousal annuity from an Aunt who died in Florida. Asking this for my uncle (he is a non spouse beneficiary to my aunt who died) who lives in North Carolina. Currently unannuitized value of the annuity with death benefits is roughly $30,000, $15,000 of that is growth.

I believe the growth will be taxed federally as income. Will North Carolina also tax the growth as income?
"How much money is enough?", John Rockefeller responded, "...just a little bit more."
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happysteward
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Re: non qualified, non spousal, inherited annuity tax (North Carolina)

Post by happysteward »

Bump hoping for help
"How much money is enough?", John Rockefeller responded, "...just a little bit more."
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Stinky
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Re: non qualified, non spousal, inherited annuity tax (North Carolina)

Post by Stinky »

Not a NC resident -

But I googled North Carolina Income Tax, and found the following site from NC.

https://www.ncdor.gov/taxes-forms/individual-income-tax

Click through on “adjustments to federal AGI”.

If I read it correctly, NC income tax calculations start with Federal AGI, and then make adjustments. There isn’t an adjustment listed for annuities.

So, to extent that annuities are taxable for Federal purposes, they would appear to also be taxable for NC purposes.
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happysteward
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Re: non qualified, non spousal, inherited annuity tax (North Carolina)

Post by happysteward »

Thanks Stinky, appreciate the effort on my behalf....
"How much money is enough?", John Rockefeller responded, "...just a little bit more."
spectec
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Re: non qualified, non spousal, inherited annuity tax (North Carolina)

Post by spectec »

NC generally conforms to Federal with respect to taxation of income. There are some exceptions, such as accelerated depreciation and taxation of certain Federal & NC pensions & benefits (ncluding Social Security). But on the surface, the annuity you mentioned is most likely going to flow through from the Federal return "as is" on the NC return.
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