Do I owe taxes on distributions from life insurance, annuity, or endowment contracts?

If you invested in an annuity, including a retirement annuity that isn't part of an employer-sponsored retirement program, you may have Pennsylvania taxable income when you begin receiving annuity payments.

If you're required to report an amount from an annuity for federal income tax purposes, you're required to report the amount as interest income for Pennsylvania income tax purposes. Also, if you're required to report an amount from a life insurance and endowment contract for federal income tax purposes, you're required to report the amount as interest income for Pennsylvania income tax purposes.

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