How do they determine the amount of the payment

Reference no: EM13905951

1. Jerry has a certificate of deposit at the local bank. The interest on this certificate was credited to his account on December 31 of last year, but he didn't withdraw the interest until January of this year. When is the interest income taxed?

2. Conceptually, when taxpayers receive annuity payments, how do they determine the amount of the payment they must include in gross income?

Reference no: EM13905951

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