On January 1, 2020, Claudia, a single taxpayer who was age 67 at the time, began receiving monthly retirement benefits from her former employer's pension plan. Claudia did not receive any distributions before the annuity start date, and her investment in the plan is $35,000. There is no survivor beneficiary. If Claudia receives a monthly benefit of $1,200, what amount will she recover tax-free in 2020?

$0

$1,000

$2,000

$14,400