Bob paid a life insurer $54,000 in exchange for an immediate life annuity. Bob will received $500 per month from the insurer, and his life expectancy is 15 years. The exclusion ratio is percent Assume that Bob has received 12 annuity payments over the course of the year. When he files his taxes, Bob will reports payments as taxable income of the Now assume that Bob is alive 20 years later. When he files his taxes, Bob will reports of the payments as taxable income