Kaitlyn purchased a life annuity contract with money contributed to her employer-sponsored retirement plan. The employer had contributed $300,000 and Kaitlyn contributed $150,000 after-tax. She began receiving $2,400 per month on April 1, 2022 when she was age 60. How much of each payment received by Kaitlyn is excluded from gross income?

Kaitlyn purchased a life annuity contract with money contributed to her employer-sponsored retirement plan. The employer had contributed $300,000 and Kaitlyn contributed $150,000 after-tax. She began receiving $2,400 per month on April 1, 2022 when she was age 60. How much of each payment received by Kaitlyn is excluded from gross income?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 10MCQ

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