Bag- Relay For Life Re Cengage Xavier, age 57. purchases an annuity for $50,000. Xavier will receive $500 per month until death. The IRS anticipates that he will live 20 years. At age 80, the amount that Xavier may exclude from income is 1. 50 O $6.000 O 53,500 $2,500 Bag- Relay For Life Re Cengage Xavier, age 57. purchases an annuity for $50,000. Xavier will receive $500 per month until death. The IRS anticipates that he will live 20 years. At age 80, the amount that Xavier may exclude from income is 1. 50 O $6.000 O 53,500 $2,500