Spencer, a 35-year-old single taxpayer, contributed $24,000 to a commercial annuity in 2018. The annuity is a nonqualified plan. In 2021, before the annuity start date, Spencer took a $3,500 nonperiodic distribution and used the money to pay off his credit card debt. If the value of the annuity at the time of the distribution was $32,000, how much of the distribution is taxable