(Answered) Problemannuity income tim retired during the current year

Accounting

Problem

Annuity Income. Tim Retired During the current year at age 58. He purchased an annuity from American National Life Company for $40,000. The annuity pays Tim $500 per month for life.

a. Compare Tim's annual exclusion.

b. How much income will Tim report each year after reaching age 84?

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