Homework Answers
ANSWER:
Correct answer is: $6,857
Explanation:
To calculate tax free portion of gross distribution, one has to divide one's investment in contract by the number of monthly payments from the appropriate IRS table. For age 66, from relevant IRS table, the number of monthly payments = 210
As such monthly tax free amount = $20,000 / 210
Tax free amount for the year = ($20,000 / 210) * 12 = $1,143
Hence taxable amount = $8,000 - $1,143 = $6,857
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