Solved: How much annuity payments can exclude from gross income, Taxation

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How much annuity payments can exclude from gross income

Annuity Income

Response to the following problem:

Gregg purchased an annuity contract for $92,400. The contract stated that he would receive $550 a month for life, starting on January 1, 2010. On that date, Gregg's remaining life expectancy was 20 years. For 2014, how much of the $6,600 of annuity payments can Gregg exclude from gross income?

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Taxation: How much annuity payments can exclude from gross income

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Taxation: How much annuity payments can exclude from gross income

Reference No:- TGS02108748

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