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Are annuity contributions tax-deductible?

Annuity contributions tax-deductible
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Are annuity contributions tax-deductible?

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When you purchase an annuity for an IRA or other qualified retirement plan, your contributions may be tax-deductible. Contributions to a non-qualified annuity are not tax-deductible. There is no added tax advantage from investing qualified funds, such as an IRA, in an annuity.

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