Using the general rule calculates martins taxable income, Ask an Expert

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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 calculates 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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9160905

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