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Please answer this question and thank you: Yosef, a 49-year-old single taxpayer, contributed $25,000 to a commercial annuity in 2017. The annuity is a nonqualified
Please answer this question and thank you:
Yosef, a 49-year-old single taxpayer, contributed $25,000 to a commercial annuity in 2017. The annuity is a nonqualified plan. In 2021, before the annuity start date, Yosef took a nonperiodic distribution of $2,500 and used the money to pay off his credit card debt. If the value of the annuity at the time of the distribution was $30,000, how much of the distribution is taxable?
$0
$417
$2,083
$2,500
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