In 2022, Jon purchased an annuity for $150,000. The annuity is to pay him $2,500 per month for the rest of his life. His life expectancy is 100 months. Which of the following is correct? Jon is not required to recognize any income until he has collected 60 payments (60 x $2,500 = $150,000). If Jon collects 20 payments and then dies in 2024, Jon's estate should amend his tax returns for 2022 and 2023 and eliminate all of the reported income from the annuity for those years For each $2,500 payment received in the first year, Jon must include $1,000 in gross income. For each $2,500 payment received in the first year, Jon must include $1,500 in gross income