If a taxpayer's pension or annuity includes contributions that were previously included in gross income, the...
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If a taxpayer's pension or annuity includes contributions that were previously included in gross income, the taxpayer may generally do all of the following EXCEPT Assume that the tax-free part of the payment will remain the same each year, even if the amount of the payment changes. O Exclude the distributions from income, but only up to the amount of cost. 1997. Use the general rule to compute the tax-free part of their payments if they began receiving payments after November 18, Use the simplified method to compute the tax-free part of their payments if they began receiving payments after November 18, 1997. Mark for follow up If a taxpayer's pension or annuity includes contributions that were previously included in gross income, the taxpayer may generally do all of the following EXCEPT Assume that the tax-free part of the payment will remain the same each year, even if the amount of the payment changes. O Exclude the distributions from income, but only up to the amount of cost. 1997. Use the general rule to compute the tax-free part of their payments if they began receiving payments after November 18, Use the simplified method to compute the tax-free part of their payments if they began receiving payments after November 18, 1997. Mark for follow up
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19 a Excluded the distributions form income but only up to the amount of cost Ex... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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