For population 25 years and over in Kite: 1  High school or higher: 63.8%. 2  Bachelor's degree or higher: 3.0%. 3  Graduate or professional degree: 2.0%. 4  Mean travel time to work (commute): 30.5 minutes.
If the annuity is in a Roth IRA, all of the withdrawals will be tax-free as long as youâve had the Roth for five years and are older than 59Â½. Taxes are just one issue to consider when deciding whether or not to convert your annuity into a income stream, however.
A: Which type of IRA you chose to roll this money into depends on your ultimate goal for the money and the tax burden you can afford. With a traditional IRA, you will pay income tax on future distributions from the account. With a Roth IRA, you'd pay income tax on that $30,000 now, but then you can make tax-free withdrawals from the account; you'll also avoid paying capital gains taxes on any future appreciation. Your heirs will inherit the same tax treatment.