You cannot deduct the fees that are charged within annuities on your tax return if the annuities are within your 403(b) or 457 plan(s), or any other qualified retirement vehicle such as an IRA. If you invest in an annuity outside a tax-advantaged account, you may be able to deduct the fees under “miscellaneous fees and expenses” if you itemize deductions on your tax return. To learn more about miscellaneous deductions, visit the IRS site.
According to the Congressional Budget Office (CBO), the ratio of debt to gross domestic product (GDP) at the end of 2010 was 62%. The CBO is projecting the ratio to go to at least 90% in 2020. It was 109% at the end of WW II.
Important Note: CTA does not give tax, legal or investment advice. You should meet with your tax, legal, and/or investment advisor to determine the best fit for your situation.