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Qualified money is tax deductible and is often used with traditional IRAs, retirement plans, and annuities. Your benefit: deferred taxes on your contributed amount until you begin to take withdrawals from your qualified account. At age 70.5, if you have an annuity purchased as qualified contracts you must begin to take Required Minimum Distributions (RMDs), per the IRS. The entire distribution is taxed (at your current income tax rate) at the time of the withdrawal.