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Federal Tax1 In Class Homework Problems #4 1. John purchased an annuity from Prudential Ins. Co. in 2007 when he was 50 years old. John paid Prudential $ 32,400 for the annuity. The annuity will start paying John $ 800 per month starting on 7/1/17 when John turns age 60. Payments are for a 15 year fixed period. How much gross income will John report from this annuity in 2017? How much in 2018? a. b. What if instead of a fixed annuity, John purchased a Life Annuity that will pay him $ 9,000 per year ($ 750 per month) starting at age 68. The cost of the annuity is $47,520. How much gross income will John report in 2025 when John turns age 68 and starts receiving payments on 7/1/2025)? c. How much gross income will John report in in 2026? 2. Mary is single and received a $ 1,250 reimbursement from her medical insurance company in 2017 for medical bills she incurred in 2017. a. How much of the reimbursement is includable to Mary in 2017