MYGA's are tax deferred until withdrawn. Is this handled in the system? If not, can you add another growth taxation treatment to handle these?
@doyle553 Can you put it in as one of the other things that behave like that, such as a pretax financial asset like an IRA? Did you check to see if this fits under annuities, other income, windfalls, or one of those areas? Some allow for tax treatment.
@doyle553 Annuities come in so many variations that we have implemented a very generic annuity function in PRC (please see the Income page). I think it will model an MYGA, in general, but it won't allow you to model, for example, a rollover to a new contract.
Stuart
MYGAs are really like CDs with deferred taxation (but from an insurance company vs a bank). And if you keep rolling them into new MYGAs then the taxes are deferred. Ideally on the Growth Taxation page we can add another option: "Growth is taxed as ordinary income when withdrawn". That way this investment asset flows through all the account statement, withdrawal calcs. like other assets. For now I will just use growth is taxed as LTCG when withdrawn for this asset class and know I am under taxed a bit. And I will submit a feature request. Thanks.
