Business, 22.02.2020 04:04, amandasantiago2001
Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $42,000 to her employer's qualified pension fund. She elects to receive her retirement benefits as an annuity of $3,000 per month for the remainder of her life. The number of anticipated monthly annuity payments from the IRS table is 210.
Click here to access Exhibit 4.1 and Exhibit 4.2.
a. Assume that Pam retires in June 2015 and collects six annuity payments this year. What is her income from the annuity payments in the first year?
$ .
b. Assume that Pam lives 25 years after retiring. What is her income from the annuity payments in the twenty-fourth year?
$ .
c. Assume that Pam dies after collecting 160 payments. She collected eight payments in the year of her death. What are Pam's income and deductions from the annuity contract in the year of her death?
Income from the annuity payments: $
Loss deduction: $
Answers: 3
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Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $42...
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