Personal Investment & Financial Planning Q`s/annuities

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Question
Sir,
Is there a specific tax on annuities purchases for California resident?
Thank you.
D.

Answer
Hi. To the best of my knowledge, the state of California does not exempt retirement income from state taxes and therefore, whether the annuity is a qualified or non qulified annuity, the Federally taxable amount of the annuity  withdrawals will also be subject to the state of California taxation. I hope this helps.

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