Tim retired during the current year at age 58. He purchased an annuity from American National...
Tim retired during the current year at age 58. He purchased an annuity from American National Life Company for $40,000. The annuity pays Tim $500 per month for life. Compute Tim�s annual exclusion (Points : 3)
|
a. |
Compute
Tim's annual exclusion. |
|
b. |
How much income will
Tim report each year after reaching age84? |
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Tim retired during the current year at age 58. He purchased an
annuity from American National...
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c. $6,000 d. $30,000 18. Last year, TSU purchased a life annuity for $72,000. The annuity pays equal annual installments of $ 8,000 beginning January 1 of the current year. TSU's life expectancy is 12 years. What is the taxable portion of each payment? a. $2000 b. $3000 c. $4000 d. I need more information
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