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What are pams gross income and deductions from the annuity

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Reference no: EM133412595

Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $42,000 to her employer's qualified pension fund, all of which was taxable when earned. She elects to receive her retirement benefits as an annuity of $3,000 per month for the remainder of her life.

Assume that Pam dies after collecting 160 payments. She collected eight payments in the year of her death. What are Pam's gross income and deductions from the annuity contract in the year of her death?

Reference no: EM133412595

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