Question
Liz Anya, 63 invested $20,000 in an annuity in 2022. The annuity will pay her $500 per month for 48 months. She started receiving these
Liz Anya, 63 invested $20,000 in an annuity in 2022. The annuity will pay her $500 per month for 48 months. She started receiving these monthly payments in September of 2022 and received 12 monthly payments of $500 each in 2023. Her 1099-R reports $6,000 for 2023.
What is the taxable amount?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To determine the taxable amount of Liz Anyas annuity payments we need to consider the tax treatment ...
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
