Sam Wilson died on January 15, 2015 and left his wife, Terry, beneficiary of life insurance policy with a face value of $187,500. Terry elected to receive the proceeds equally over a 15-year period with an annual payment of $14,500. If Terry received the annual payment of $14,500, how much income must she report on her income tax return.

Total Payment Received?

Excluded Amount?

Taxable Income?