Phil Cannella Complaints – Phil Cannella Complaints Talks About The Tax Treatment of Annuities – Phil Cannella Complaints


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Phil Cannella says that under current federal law, annuities receive special tax treatment. Income tax on annuities is deferred, which means you aren’t taxed on the interest your money earns while it stays in the annuity.

However, Phil Cannella goes on to explain that tax-deferred accumulation isn’t the same as tax-free accumulation. An advantage of tax deferral is that the tax bracket you’re in when you receive annuity income payments may be lower that the one you’re in during the accumulation period. Furthermore, you’ll also be earning interest on the amount you would have paid in taxes during the accumulation period.

Having said that, Phil Cannella also advises consumers to under the benefits of a Roth conversion for tax-free growth is possible if your IRA accounts are converted to a Roth IRA.

Having said all this, while Phil Cannella does consider himself an insurance professional, he doesn’t consider himself a tax professional and doesn’t want consumers to think that he is giving tax advice. To that end, he encourages his clients and consumers who come to see him to seek out a tax professional when tax implications are at stake.

Phil Cannella Complaints, Phil Cannella Lawsuit, Phil Cannella Reviews