A taxpayer, age 64, purchases an annuity from an insurance company for $84,000. She is to...
A taxpayer, age 64, purchases an annuity from an insurance company for $84,000. She is to receive $700 per month for life. Her life expectancy is 20.8 years from the annuity starting date. Assuming that she receives $8,400 this year, what is the exclusion percentage and how much is included in her gross income?
Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar.
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A taxpayer, age 64, purchases an annuity from an insurance
company for $84,000. She is to...
A taxpayer, age 64, purchases an annuity from an insurance company for $56,000. She is to...
A taxpayer, age 64, purchases an annuity from an insurance company for $56,000. She is to receive $467 per month for life. Her life expectancy is 20.8 years from the annuity starting date. Assuming that she receives $5,600 this year, what is the exclusion percentage, and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: 48.04 % Included in income:
A taxpayer, age 64, purchases an annuity from an insurance company for $78,000. She is to...
A taxpayer, age 64, purchases an annuity from an insurance company for $78,000. She is to receive $650 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $7,800 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: % Included in income: $
A taxpayer, age 64, purchases an annuity from an insurance company for $56,000. She is to...
A taxpayer, age 64, purchases an annuity from an insurance company for $56,000. She is to receive $467 per month for life. Her life expectancy is 20.8 years from the annuity starting date. Assuming that she receives $5,600 this year, what is the exclusion percentage and how much is included in her gross income?
Calculator Exercise 4-26 (Algorithmic) (LO.4) taxpayer, age 64, purchases an annuity from an insurance company for...
Calculator Exercise 4-26 (Algorithmic) (LO.4) taxpayer, age 64, purchases an annuity from an insurance company for $82,000. She is to receive $683 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $8,200 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: Induded in...
At age 40, Nate purchased an annuity from an insurance company for $161,280. According to the...
At age 40, Nate purchased an annuity from an insurance company for $161,280. According to the terms of the contract, Nate will receive $2,000 per month for life beginning at age 66. Show all calculations using good form. Required: Assume that Nate did not make any withdrawals before he reached age 66. Nate begins receiving monthly annuity payments on 6/1/2020, the date he turns age 66. How much gross income does Nate recognize in 2020? 2. Assume that...
Susan purchased an annuity for $200,000. She is to receive $18,000 each year and her life...
Susan purchased an annuity for $200,000. She is to receive $18,000 each year and her life expectancy is 13 years. If Susan collects under the annuity for 14 years, the entire $18,000 received in the 14th year must be included in her gross income. True False
Cynthia, age 64, retired in June. Starting in July, Cynthia received $2,000 per month from an...
Cynthia, age 64, retired in June. Starting in July, Cynthia received $2,000 per month from an annuity She has contributed $260,000 to the annuity. Her life expectancy is 20 years. How much is excluded from income using the simplified method? Use 260 as the factor to divide by. 1. Enter total amount received this year 2. Enter cost in plan at the annuity starting date 3. Factor at annuity starting date 260 4. Divide line 2 by line 3 5....
Vinny purchased an annuity contract for $153,300 on April 30, 20X1. He is to receive $700...
Vinny purchased an annuity contract for $153,300 on April 30, 20X1. He is to receive $700 per month starting June 1, 20X1, and continuing for life. He has a life expectancy of 25 years. What is the amount of Vinny's annuity income that must be included in his gross income for 20X1? a. $3,577 b. $1,323 C. $6,132 d. $2,268 e. None of the above
mike purchased an annuity contract for $104,160 on February 28, 20X5. He is to receive $700...
mike purchased an annuity contract for $104,160 on February 28, 20X5. He is to receive $700 per month starting April 1, 20X5, and continuing for life. He has a life expectancy of 20 years. What is the amount of mike annuity income that must be included in his gross income for 20X5? a. $ 2,394 b. $ 3,192 c. $ 3,906 d. $ 5,208 e. None is correct
Vinny purchased an annuity contract for $153,300 on April 30, 20X1. He is to receive $700...
Vinny purchased an annuity contract for $153,300 on April 30, 20X1. He is to receive $700 per month starting June 1, 20X1, and continuing for life. He has a life expectancy of 25 years. What is the amount of Vinny's annuity income that must be included in his gross income for 20X1? a. $3,577 b. $1,323 C. $6,132 d. $2,268 e. None of the above Please explain
A taxpayer, age 64, purchases an annuity from an insurance company for $56,000. She is to receive $467 per month for life. Her life expectancy is 20.8 years from the annuity starting date. Assuming that she receives $5,600 this year, what is the exclusion percentage, and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: 48.04 % Included in income:
Calculator Exercise 4-26 (Algorithmic) (LO.4) taxpayer, age 64, purchases an annuity from an insurance company for $82,000. She is to receive $683 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $8,200 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: Induded in...
Cynthia, age 64, retired in June. Starting in July, Cynthia received $2,000 per month from an annuity She has contributed $260,000 to the annuity. Her life expectancy is 20 years. How much is excluded from income using the simplified method? Use 260 as the factor to divide by. 1. Enter total amount received this year 2. Enter cost in plan at the annuity starting date 3. Factor at annuity starting date 260 4. Divide line 2 by line 3 5....
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