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Martin retired in May 2011. His pension is $1000 per month from a qualified retirement plan to which is contributed $48000 and to which his employer contributed $ 12000 Martins life expectancy from the IRS is mortality tables is ten years, and during 2011 he received total payments of $8000 from the plan.

1) Using the general rule find out Martin's taxable income for 2011 from the retirement plan and distributions

2) If martin's contributions to the plan had been $25000 instead of $48000 how much taxable income would he have to report in2011 from the plan distribution?

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Category:- Accounting Basics
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