Problem regarding the exclusion percentage

Reference no: EM13987708

A taxpayer, age 64, purchases an annuity from an insurance company for $50,000. She is to receive $300 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $3,600 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar.

Reference no: EM13987708

Questions Cloud

Identify the population and the sample and the variable : Identify the population and the sample and the variable of interest: The Gallup Organization contacts 1019 adult residents of the United States aged 18 or older and asks whether the events of September 11, 2001 were a life-altering experience

What is the average emf induced in the bar : The bar stays vertical throughout the push. The bar starts at the rail's vertex and is pushed at a steady 0.40 m/s to the left. If the magnetic field strength is 0.42 T, what is the average emf induced in the bar between the points which cross the..

Problem regarding the social security benefits : Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits.

How far below the surface is the bottom of the barge : A barge has a cross section that is roughly rectangular in shape. The length of the barge is 40.0 m, its width is 12.0 m, while the distance from keel to top is 5.0 m. When carrying a full load of grain the barge has a roughly uniform density of ..

Problem regarding the exclusion percentage : Assuming that she receives $3,600 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar.

Tax consequences for casper and cecile : What are the tax consequences for Casper and Cecile regarding these transactions? a. How much gain or loss does Casper recognize on the transfer of the stock? b. Does Casper receive a deduction for the $7,500 alimony paid?

Compute kunto gross income : Compute Kunto's gross income from the certificate for 2015. Compute Kunto's gross income from the certificate for 2016. Round any amounts to the nearest dollar.

Which jobs do you think are most at risk : What sort of training and skill development do you think you will need in your chosen career path to keep up with innovations?

What is the magnitude of the average acceleration : Just before a baseball is hit by a bat, it has a velocity of 30 m/s, 15A??o below the +x axis. After it is hit by the bat, it has a velocity of 60 m/s, 30A??o above the -x axis. If the bat is in contact with the ball for 4 ms, what is the magnitud..

User Account

All Pages