Before his death, Joseph received $12,000 in 2022 from an annuity with Northwestern Mutual Life. The annuity was purchased in 1974, at a cost of $20,000. On January 1, 2014, the date Joseph began receiving payments from the annuity, his life expectancy was ten (10) years. Use the general rule for this annuity.

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To calculate the taxable portion of the annuity received by Joseph we can use the exclusion r... View the full answer