Discuss - contract is still in its accumulation stage, Accounting Basics

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Discuss - contract is still in its accumulation stage

Question: Lorraine invested $50,000 in a nonqualified deferred annuity at the age of 50. Three years later, the contract has grown to $64,000, and Lorraine takes a $5,000 withdrawal. The contract is still in its accumulation stage. Which of the following statements is true? a. The withdrawal is fully taxable. b. The withdrawal is not taxable. c. $4,000 of the withdrawal is taxable; $1,000 is tax free. d. $1,000 of the withdrawal is taxable; $4,000 is tax free.

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Accounting Basics: Discuss - contract is still in its accumulation stage

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