Wyoming

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July 20, 2010

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Wyoming Annuity News

OTR Issues Advisory on Survivor Benefits

(Washington, DC) The Office of Tax and Revenue (OTR) would like to remind taxpayers that if they are 62 years old, some or all of their pensions, military retirement pay, annuity income, and survivor benefits paid by the District or the federal government are not subject to District income tax. The lesser of the amount received or $3,000.00 in pensions, military retirement pay, and annuity income are not subject to District income tax. Pensions, military retirement pay, and annuity income in excess of $3,000.00 are subject to District income tax. There is no limitation on survivor benefits. All of survivor benefits are exempt from District income tax.

If a taxpayer has already filed a District individual income tax return and paid District income tax on the survivor benefits received, they should file an amended return and claim a refund for the District tax paid on the survivor benefits. For a claim to be valid, it must be filed within the later of 3 years from the due date of the return or 3 years from the date the tax was paid.

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Did You Know?

Variable annuities are not suitable for meeting short-term goals
Remember: Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do.

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	Latest news about Annuity cases in Wyoming and nationwide: Botetourt Woman Pleads Guilty To Mail Fraud And Money Laundering United States Attorney John L. Brownlee announced today that Monica Yates, age 40, of Daleville, Virginia, pleaded guilty to one count each of mail... Read more > Former Massachusetts Insurance Broker Sentenced For Fraud And Money Laundering Joseph P. Garvey was sentenced to 71 months in prison, followed by three years of supervised release for money laundering and mail fraud. Garvey wa... Read more > Agent Arrested in Annuity Fraud Scheme Agent Arrested in Annuity Fraud Scheme David Franklyn McMillin, an Austin life insurance agent, has been arrested on charg... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Designation of Beneficiary

Definition:
Notice, signed by you and witnessed by two persons, indicating the person(s) you want to receive your life insurance benefits. The form generally used for life insurance designations is the Designation of Beneficiary form (SF 2823).

Annuity Starting Date

Definition:
For most types of annuities, the first day of the month following either the date after the day you separate from service or the date after your last day in pay, whichever is earlier. If you were in pay status for three days or less in the month of your retirement, the annuity starting date is the date after either the day you separate from service or your last day in pay and in which you meet age and service requirements, whichever is earlier

Living Benefits

Definition:
Basic insurance benefits (full or partial) paid to you while you are still living, rather than paid to a beneficiary when you die. You must be terminally ill, with a life expectancy of 9 months or less, to qualify for a living benefit.

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Annuity Law Hot Topics

Topics Related to Annuity:

Client Manipulation
Providing False Information
Lying to Auditors
Unauthorized Transactions
Breach of Fiduciary Duty
Broker Embezzlement

Wyoming Annuity-Law Attorney

If you live in the following cities and need an Annuity-Law attorney you should contact our Annuity-Law Attorney as soon as possible:

Casper
Cheyenne
Cody
Douglas
Evanston
Gillette
Green River
Jackson

Lander
Laramie
Powell
Rawlins
Riverton
Rock Springs
Sheridan

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