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Hardship Distributions

Q. The client has an annuity contract and has requested that it be cashed in due to a qualifying hardship. Can the assets of the entire contract be distributed?

A. No! Contracts consisting of elective deferrals and their earnings or growth limit hardship withdrawals to contributions only. Under IRS rules, the growth or earnings in the account cannot be distributed due to hardship. 

10/31/2014

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