Multiple Choice
Sam retired last year and will receive annuity payments for life from his employer's qualified retirement plan of $30,000 per year starting this year.During his years of employment,Sam contributed $130,000 to the plan on an after-tax basis. Based on IRS tables,his life expectancy is 260 months.All of the contributions were on a pre-tax basis.This year,Sam will include what amount in income?
A) 0
B) $6,000
C) $24,000
D) $30,000
Correct Answer:
Verified
Correct Answer:
Verified
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