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I am 58 yrs old. closed annuity and am reinvesting in a mutual fund with another co. will i avoid tax burden?


i am 58 yrs old. i closed my annuity account and i am going to reinvest with another company in a mutual fund. will i avoid the tax burden since i closed out account before i am 59 1/2 and 1 am reinvesting within 60 days?

You must complete the rollover by the 60th day following the day on which you receive the distribution.

An exception to this rule is if the annuity was from a qualified retirement plan (other than an IRA) after your separation from service in or after the year you reached age 55 .

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