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Fifteen years ago, Mr. Fairhold paid $70,000 for a single-premium annuity contract. This year, he began receiving a $1,000 monthl payment that will continue for his life. On the basis of his age, he can expect to receive $436,800. Assume that on January 1, 2029 Fairhold's unrecovered investment in the annuity is $1,975. a. How much of his total 2025 annuity payments ($12,000) are taxable? b. Assume that he dies in February after receiving only one $1.000 payment. What are the tax consequences on his final Form 104 Complete this question by entering your answers in the tabs below. Required A Required B How much of his total 2025 annuity payments ($12,000) are taxable? Taxable payments Required Required B > Complete this question by entering your answers in the tabs below. Required a Required B Assume that he dies in February after receiving only one $1,000 payment. What are the tax consequences on his final Form 1040? (Round Exclusion ratio to 5 decimal places and intermediate calculations to the nearest whole dollar amount.) Taxable income itemized deduction on final Form 1040