For population 25 years and over in Kite: 1  High school or higher: 63.8%. 2  Bachelor's degree or higher: 3.0%. 3  Graduate or professional degree: 2.0%. 4  Mean travel time to work (commute): 30.5 minutes.
If the annuity is in a Roth IRA, all of the withdrawals will be tax-free as long as youâve had the Roth for five years and are older than 59Â½. Taxes are just one issue to consider when deciding whether or not to convert your annuity into a income stream, however.
You can't always tell what your earned income for the year is going to be. If you contribute to your IRA early on in the year, then end up with no earned income, the IRS will hit you with a 6 percent tax on all the excess contributions. Every year it stays in the account, you pay the 6 percent again. If you withdraw the money before you file your tax return, there's no tax penalty.