2. Joey, age 67, began receiving benefits under a joint and survivor annuity to be paid over the joint lives of himself and his wife Jody, who is 64. He received his first annuity payment in MAY of the current year. Joey contributed $40 ,000 to the annuity and he had no distributions from the plan before the current year. Tie monthly payment to Joey is $2,100. Joey must use the simplified method to calculate his taxable amount. Using the worksheet, Joey's taxable amount for the current year would be:
2. Joey, age 67, began receiving benefits under a joint and survivor annuity to be paid over the joint lives of himself and his wife Jody, who is 64. He received his first annuity payment in MAY of the current year. Joey contributed $40 ,000 to the annuity and he had no distributions from the plan before the current year. Tie monthly payment to Joey is $2,100. Joey must use the simplified method to calculate his taxable amount. Using the worksheet, Joey's taxable amount for the current year would be:
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 13P
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I need help doing this exercise! If some can help me resolve this, I would really be really apreciated!
Transcribed Image Text:2. Joey, age 67, began receiving benefits under a joint and survivor annuity to be paid over
the joint lives of himself and his wife Jody, who is 64. He received his first annuity
payment in MAY of the current year. Joey contributed $40 ,000 to the annuity and he had
no distributions from the plan before the current year. Thie monthly payment to Joey is
$2,100.
Joey must use the simplified method to calculate his taxable amount.
Using the worksheet, Joey's taxable amount for the current year would be:
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT