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Using the simplified method, determine the tax-free amount of the following distributions from a qualified pension plan. Individual contributions, if any, are made with previously
Using the simplified method, determine the tax-free amount of the following distributions from a qualified pension plan. Individual contributions, if any, are made with previously taxed dollars. Use monthlypayments table. Required: a. Person A, age 65 , made no contributions to the pension plan and will receive a $1,250 monthly check for life. b. Person B, age 70 , made contributions of $30,500 to the pension plan and will receive a monthly check of $2,800 for life. Note: Round your answer to 2 decimal places. c. Person C, age 74 , made contributions of $29,000 to the pension plan and will receive monthly payments of $2,400 over her life and the life of her 77-year-old husband. Note: Round your answer to 2 decimal places. d. Person D, age 73 , made contributions of $42,000 to the pension plan. He will receive quarterly payments of $5,400 over his life and the life of his 76 -year-old wife. Note: Round your answer to 2 decimal places. Answer is complete but not entirely correct
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