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GUARANTY INCOME LIFE INSURANCE COMPANY
Annuities are an important vehicle for meeting retirement savings needs. The application of the state premium tax to funds deposited into an annuity contract during the accumulation phase of the contract can have a significant adverse impact on the accumulation of retirement savings. During the past 20 years, the ACLI and the Committee of Annuity Insurers, including GILICO, have worked with a number of states to obtain positive changes regarding the taxation of these retirement products. Many states repealed their application of the premium tax to annuities. Today, only seven states tax annuity considerations.
ANNUITY PREMIUM TAXES
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| California |
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| Maine |
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| Nevada |
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| South Dakota |
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| West Virginia |
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| Wyoming |
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Florida, while imposing a premium tax, grants exemption from the tax if the insurer can show the savings from the exemption is passed on to Florida policyowners. GILICO passes on the premium tax savings to Florida policyowners.
GILICO's immediate annuity calculator is updated for all premium tax situations in approved states. California, Nevada and Wyoming require premium taxes be paid up front on immediate annuities. Please carefully consider the premium tax in these states when quoting "payout income" to annuitants.
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