First time here. I can layout the situation but I would like

Question : First time here. I can layout the situation but I would like to be sure I get a tax advisor who is knowledgeable about retirement plans, annuities, early distributions and earned income. How are these chats routed to the appropriate advisor?<br/>JA: Which tax year is this for?<br/>Customer: 2019<br/>JA: Anything else you want the Accountant to know before I connect you?<br/>Customer: I was laid off after age 55 and am eligible for section 72(t) “rule of 55” exception if I take a distribution from a qualified retirement plan before age 59 1/2. I’ve used up my available savings and my 2019 income is $5k of unemployment and 18K of capital gains. I can take a $2K child tax credit. I am considering an early distribution from a non-qualified variable annuity to leverage my current situation (lowest tax bracket) to pay tax on earnings and then put some earnings (pre-tax) in the Solo-401k I just setup, and some earnings (post-tax) in the Roth part of the solok.<br/>1)Am I still eligible for the 10% penalty exception with the annuity?<br/>2)Do I have enough “earned income” to contribute to 401k and Roth?
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Answer : Listen, although you can ask multiple questions here, we expert users are only compensated once per question, and only after you rate positively, by using the stars at the top of the page.… (You may have to scroll – or swipe left or right if you’re on a device such as a phone or tablet)…Every time I come back to the same question thread to answer DIFFERENT questions, it lowers my compensation per time/effort….ANd … one more time … the only time the rule of 55 applies is withe workplace plans….NOT with non-qualified annuities or personal IRA’s…BUT annuitization (substantially equal and periodic payments) Always waive the penalty, regardless of the investment.

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