Business, 21.02.2020 06:05 mhortin

Taxpayer, age 64, purchases an annuity from an insurance company for $50,000. She is to receive $300 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $3,600 this year, what is the exclusion percentage and how much is included in her gross income?

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Taxpayer, age 64, purchases an annuity from an insurance company for $50,000. She is to receive $300...

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