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Beth retires when she turns 65. She begins receiving a monthly pension of $300 from her employer's qualified retirement plan. While employed, Beth contributed $13,000
Beth retires when she turns 65. She begins receiving a monthly pension of $300 from her employer's qualified retirement plan. While employed, Beth contributed $13,000 to the plan.
a)Beth uses the simplified method to compute her exclusion. Why?
b)Compute her monthly exclusion.
c)How much gross income does she report in the first year if she receives 12 monthly checks?
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