#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

What is the deduction for unrecovered annuity investments?

If you’re retired and contributed to an annuity, you may be able to exclude part of each payment you received as a tax-free return of your investment from your income.

Should you pass away before you recover your entire investment in the annuity, any unrecovered portion of your investment can be deducted on your final income tax return. You can learn more about the tax treatment of pensions and annuities in IRS Publication 575.

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