Federal Taxes. Some or all of the withdrawal may be income on which you must pay tax. We must report such income according to the tax laws; this may differ from the way we charge withdrawals against the contract for purposes of interest crediting. We may also be required to withhold taxes from amounts otherwise payable. In addition, there may be tax penalties if you make a withdrawal before age 59 1/2.
Appears in 4 contracts
Samples: Separate Account One of Northern Life Insurance Co, Separate Account One of Northern Life Insurance Co, Separate Account One of Northern Life Insurance Co
Federal Taxes. Some or all of the withdrawal may be income on which you must pay tax. We must report such income according to the tax laws; this may differ from the way we charge withdrawals against the contract for purposes of interest creditingassessing withdrawal charges. We may also be required to withhold taxes from amounts otherwise payable. In addition, there may be tax penalties if you make a withdrawal before age 59 1/2.
Appears in 2 contracts
Samples: Separate Account N of Reliastar Life, Separate Account N of Reliastar Life
