Direct answer
Yes, California generally treats annuity payments as taxable income to the extent that they exceed your original investment in the contract.
California Franchise Tax Board guidelines regarding the taxation of retirement income and annuities. For additional information about state tax requirements for retirement distributions, see the California Franchise Tax Board website.
What this means for you
Yes, California generally treats annuity payments as taxable income to the extent that they exceed your original investment in the contract.
FARMER STOCKMAN
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