LO 2.3 14. Teresa retired in June of 2010, with a life expectancy of 10 years. Her pension is $1,400 per month from a qualified pension plan to which her employer also made contributions.

Teresa contributed $28,000 to the plan. In 2010, Teresa received five payments for a total of $7,000. Calculate Teresa’s taxable portion of the pension for 2010 using the general rule.

$ ____________