Determine the tax-free amount of the monthly payment in each of the following instances. Use the life expectancy tables. Use Table I, Table III and Table V.
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Person A is age 66 and purchased an annuity for $91,000. The annuity pays $2,000 per month for life. (Round exclusion percentage computation to one decimal place.)
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Person B is 75 and purchased an annuity for $89,000. The annuity pays $1,400 per month for life. (Round exclusion percentage computation to one decimal place. Round your final answer to 2 decimal places.)
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Person C is 68 and purchased an annuity for $49,000 that pays a monthly payment of $1,000 for 12 years. (Round exclusion percentage computation to one decimal place. Round your final answer to 2 decimal places.)
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Answers
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Person A). Tax free portion of payments
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Person B) Tax free portion of payments
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Person C). Tax free portion of payments
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Posted 01 Jun 2017 05:06 AM
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