None of the above. Question 29 per year for as long as he lives. Later this year

Question

None of the above. Question 29 per year for as long as he lives. Later this year Harold will recover the remainder of his cost of the annuity. Which of the following correctly Harold receives a life annuity from his qualified pension that pays him $5,000 payments are taxed after Harold has recovered the describes how the annuity cost of the annuity ttaro id will continue to apply the annuity exciusion ratio to determine the a Harod will inciude the entire amount of each annuity payment in gross income The entire amount of each annuity payment is excluded from gross income after Haro d must request that the IRS calculate his exclusion ratio based upon a revised usion ratio to determine the amount of each annuity payment includible in gross income after he recovers the cost of the annuity Haroid recovers his cost of the annuity. fe expectancy. All of these

Explanation / Answer

Harold receives a lifer annuity return from his qualified pension that pays him $5000 per year for as long as he lives. Later this year Harold will recover the remainder of his cost of annuity

Ans: Harold will include entire amount of each annuity payment in gross income after he recovers the cost of the annuity.

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