What amount of the annuity payments may be excluded from, Ask an Expert

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On January 1, 2013, Jennifer purchased a 20-year annuity for $40,000 from MUSTUFA MUTUAL (an established insurance company). Under the annuity, Jennifer will receive payments of $370 for each month of annuity's life. What amount of the annuity payments may be excluded from Jennifer's Gross Income for 2013 (assume all 12 monthly payments are made in 2013)?

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Accounting Basics, Accounting

Category:- Accounting Basics
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