None of the above D Question 29 Harold receives a life annuity from his qualifie

Question

None of the above D Question 29 Harold receives a life annuity from his qualified pension that pays him $5,000 remainder of his cost of the annuity. Which of the following correctly describes how the annuity payments are t cost of the annuity? per year for as long as he lives. Later this year Harold will recover the axed after Harold has recovered the Harod will continue to apply the annuity exclusio of each annuity payment inciudible in gross income. the annuit ratio to determine the amount Haroid will include the entire amount of each annuity payment in gross income The entire amount of each annuity payment is excluded from gross income after Haroid must request that the IRS calculate his exclusion ratio based upon a revised after he recovers the cost of the annuity. Harold recovers his cost of the annuity. ife expectancy OAll of these

Explanation / Answer

Option B

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

Explanation:

The entire annuity payment is included in gross income once the cost of the annuity is recovered.

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.