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Business, 13.08.2020 01:01 karlamiddleschool

A mother, aged 60, wishes to withdraw monies from her variable annuity to pay for her son's college education. Which statement is true regarding the taxation of the withdrawal? A. The withdrawal is 100% taxable
B. Any amount withdrawn above the cost basis is taxable
C. Any amount withdrawn above the cost basis is taxable, and is subject to a 10% penalty tax
D. The withdrawal is not subject to tax

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A mother, aged 60, wishes to withdraw monies from her variable annuity to pay for her son's college...

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