G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w7268
来源IDWorking Paper 7268
Taxing Retirement Income: Nonqualified Annuities and Distributions from Qualified Accounts
Jeffrey R. Brown; Olivia S. Mitchell; James M. Poterba; Mark J. Warshawsky
发表日期1999-07-01
出版年1999
语种英语
摘要This paper explores the current tax treatment of non-qualified immediate annuities and distributions from tax-qualified retirement plans in the United States. First, we describe how immediate annuities held outside retirement accounts are taxed. We conclude that the current income tax treatment of annuities does not substantially alter the incentive to purchase an annuity rather than a taxable bond. We nevertheless find differences across different individuals in the effective tax burden on annuity contracts. Second, we examine an alternative method of taxing annuities that would avoid changing the fraction of the annuity payment that is included in taxable income as the annuitant ages, but would still raise the same expected present discounted value of revenues as the current income tax rule. We find that a shift to a constant inclusion ratio increases the utility of annuitants, and that this increase is greater for more risk averse individuals. Third, we examine how payouts from qualified accounts are taxed, focusing on both annuity payouts and minimum distribution requirements that constrain the feasible time path of nonannuitized payouts. We describe briefly the origins and workings of the minimum distribution rules and we also provide evidence on the fraction of retirement assets potentially affected by these rules.
主题Public Economics ; Taxation ; National Fiscal Issues
URLhttps://www.nber.org/papers/w7268
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/564800
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GB/T 7714
Jeffrey R. Brown,Olivia S. Mitchell,James M. Poterba,et al. Taxing Retirement Income: Nonqualified Annuities and Distributions from Qualified Accounts. 1999.
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