Single taxpayer, fred winston, purchased an annuity contract for $20,000 in 2019. the annuity will pay him $110 per month for his life. assume that fred was age 59 on the effective date of the annuity, that it pays fred $11o per month for his life and that payments began on July 1, 2019. How much taxable gross income will fred report on his 2020 form 1040?