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How much of payment will Mary include in gross income

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Problem - Mary purchased an annuity that pays her $500 per month for the rest of her life. She paid $70,000 for the annuity. Based on IRS annuity tables, Mary's life expectancy is 16 years. How much of the first $500 payment will Mary include in her gross income (round to two decimals)?

a. $0

b. $135.42

c. $364.58

d. $500.00

Reference no: EM132655480

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