Question: Pam, a married taxpayer, is a computer engineer and earned $100,000. She has been working part-time since last year. She is 66 years old and

Pam, a married taxpayer, is a computer engineer and earned $100,000. She has been working part-time since last year. She is 66 years old and her investment in the annuity contract is $42,000. She elects to receive her annuity payments $300 per month for the reminder of her life. Since June 2022, Pam collected six annuity payments. (For the number of anticipated payments see Exhibit 4.2.) Her husband Peter is 70 years old and blind, and received $58,000 in accident insurance proceeds. They contributed $620 to their local church. And they paid $200 for political contribution. They file their tax return as married filing jointly.

What is their taxable income for the year 2022?

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