A 62-year old client makes her first withdrawal from a non-tax qualified annuity. This will result in:



ordinary income taxed at ordinary income tax rates that is not subject to a penalty

Explanation:

Annuity is simply said to be contract that is drawn that helps in the provision of income for a number or specified period of years. It seek to protects a person from outliving his/ her money. It is not a life insurance but rather a tool or a vehicle for the accumulation or gathering of money and the liquidation of an estate. There are Fixed annuities, equity indexed annuities, and variable annuities.

anjan should should report alteast 5000 on the first apyment and 10,000 each year

explanation:

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