Do you still recommend Swiss annuities? Do we have to report them to the Internal Revenue Service beginning June 30, 2012? An IRS tax consultant I talked to said I do. The IRS tax consultant also said I owe an excise tax on the Swiss annuity. If this is correct, do you have any information on how to figure that or know someone who does?
Dear John Hansen,
Yes, I still recommend Swiss annuities. There is no excise tax required to be paid. Congress tried to have that inserted in the bill, but it was removed. The IRS requires the reporting, but the annuity company is not required to disclose it.