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How much income will tim report each year after reaching age

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Reference no: EM131800539

Problem

Annuity Income. Tim Retired During the current year at age 58. He purchased an annuity from American National Life Company for $40,000. The annuity pays Tim $500 per month for life.

a. Compare Tim's annual exclusion.

b. How much income will Tim report each year after reaching age 84?

Reference no: EM131800539

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