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Question

Annuity Withdrawl Question

Forum|Forum|11 months ago
April 15, 2025
1 reply
0 views

I am 69 and have a TSA account that I contributed around $8,700 to, however the statement I received just recently shows that it is worth about $6,700. I currently collect State of Texas Teachers Retirement and Social Security and my 70 yo husband collects Social Security, a SEP retirement annuity payments as well as works part time in a second hand store selling venture. I am considering closing this TSA account and using the funds to do some remodeling of my home. Can someone tell me what the potential affects of taking this money out would / could be to my 2025 taxes?

Thank you inn advance.

Not A Product Question

Withdrawals from your TSA account are taxable. You will have to pay taxes on the amount withdrawn at your marginal tax rate.

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