Spencer, age 63, retired and begun receiving retirement benefits on January 1, 2019. The benefits will be paid for the joint lives of spencer and his wife, Candice, age 67. Spencer had $31,000 in after-tax contributions to his qualified plan and had received no distributions prior to retirement. How much will spencer and Candice be able to exclude from the annuity payments?

A. $100

B. $119

C. $148