that she is 67 years old, how much of the annuity will be taxable?
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- Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?Your grandmother left you an inheritance in the form of a trust. The trust agreement states that you are to receive R2 500 on the first day of each year, starting immediately and continuing for fifty years. What is the value of this inheritance today if the applicable discount rate is 6,20%? a. b. d. R66 811,30 R40 706,92 R39 942,42 R49 942,421. Louisa is 72 years old. She purchased an annuity in January of 2021 that will pay her $1,500 per month for the rest of her life. Louisa paid $200,000 for the annuity. What is the expected value of Louisa’s annuity? a. $18,000 b. $21,900 c. $200,000 d. $262,800 e. Not able to be determined from this information
- 1. Marge has a Roth IRA held more than 5 years to which she has contributed $30,000. The IRA has a current value of $62,000. Marge is 65 years old and she takes a distribution of $38,000. How much of the distribution will be taxable to Marge? a. $30,000 b. $0 c. $38,000 d. $8,000 e. Some other amount 2. What is the deadline for making a contribution to a traditional IRA or a Roth IRA for 2019? a. December 31, 2019 b. April 15, 2020 c. October 15, 2020 d. April 17, 2019Anne purchased an annuity from an insurance company that promised to pay her $17,000 per year for the next 10 years. Anne paid $130,050 for the annuity, and in exchange she will receive $170,000 over the term of the annuity. Required: a. How much of the first $17,000 payment should Anne include in gross income? Note: Do not round intermediate calculations. b. How much income will Anne recognize over the term of the annuity?Anne purchased an annuity from an insurance company that promised to pay her $11,000 per year for the next 10 years. Anne paid $87,450 for the annuity, and in exchange she will receive $110,000 over the term of the annuity. a. How much of the first $11,000 payment should Anne include in gross income? (Do not round intermediate calculations.) b. How much income will Anne recognize over the term of the annuity?
- (1)Strahd bought a 20-year annuity-immediate with payment size 350 at an annual effective rate of 4%. Just after receiving the eighth payment, Strahd’s life forever changed and he sold the remainder of the annuity, reinvesting the proceeds in a level-payment perpetuityimmediate. What is the payment size K of this perpetuity?11. Sandra Bellows 65 years old purchased an annuity for $25,000. Starting at the beginning of the year, Sandra will receive $200 per month. What is the total amount that Sandra can include in her gross income from her annuity this year, if multiplier is 15.0?On January 1, Alex received an inheritance of a thirty-year annuity. Starting on the day of the inheritance, the annuity pays $1,000 each January 1, $2,000 each April 1, $1,500 each July 1, and $5000 each October 1. (a) Using i = 5%, calculate the value of this inheritance on the day Alex inherits it. (Round your answer to the nearest cent.) $ (b) If the value on the day she inherits it is $140,000, find the annual effective rate i used to calculate this value to the nearest hundredth of a percent. %
- Christina will receive a 5-year annuity of $1,200 a year, with the first payment occurring at Date 4. What is the value of this annuity to her today at a discount rate of 7.25 percent? A. $4,111.08 B. $4,209.19 C. $4.774.04 D. $3,961.80 E. $4,887.48 The answer given is E, however, mine is D. Could you help me to explain this question?Delia purchases an annuity that will pay her $10,000 per year for the next 10 years starting next year. Assuming a rate of 6%, what is the value of the annuity. Choose the closest. a) $106,000 b) $131,808 c) $159,374 d) $171,569Nancy Jackson just learned that she received an inheritance from her grandmother. The inheritance provides for Nancy to receive $5100 per year at the end of the year for each of the next 6 years. Assuming a discount rate of 11%, what is the value of this inheritance to Nancy today? 4 Type of Cash Flow PV of $1 FV of $1 PV ordinary annuity FV ordinary annuity PV annuity due O $21576 O $40356 O $18849 O $23949 Periods 6 6 6 6 6 Interest Rate 11% 11% 11% 11% 11% Factor 0.5346 1.8704 4.2305 7.9129 4.6959