Taxy O’Payer, age 56, receives an annuity distribution of $1…
Taxy O’Payer, age 56, receives an annuity distribution of $1000 per month for life from their qualified retirement plan beginning in January. Taxy’s investment in the contract is $169,260. Based upon the number of anticipated monthly annuity payments under the simplified method, how much of each annuity payment is included in Taxy’s gross income.
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