On August 1 of the current year, an unmarried taxpayer retires and begins receiving monthly pension checks
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Question:
On August 1 of the current year, an unmarried taxpayer retires and begins receiving monthly pension checks in the amount of $2,200. During her working years, the taxpayer contributed $5,720 to her employer's pension plan with after-tax dollars. Using the taxpayer's age at the time the payments begin, the taxpayer's number of expected monthly payments is 260. Of the $11,000 in pension benefits the taxpayer received during the current year, what amount must she include in her gross income?
1) $0
2) $5,280
3) $10,890
4) $3,080
5) $11,000
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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