Payments from close and the annuity

Reference no: EM13972834

Erwin works for Close Corporation for 24 years. Close has a qualified, non- contributory pension plan that pays employees with more than 5 years of service $100 per month per year of service when they reach age 65. Erwin turns 65 in Feb- ruary of this year and retires in June. Payments from Close's plan begin in July. In preparing for his retirement, Erwin purchased an annuity 15 years ago for $26,000. The annuity pays $775 per month for life beginning at age 65. Erwin begins receiv- ing the annuity payments in March. How much gross income does Erwin have from the receipt of the payments from Close and the annuity in the current year?

Reference no: EM13972834

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