Phil retired in January 2019 at age 63. His pension is $1,500 per month from a retirement plan to which Phil contributed $42,500. Phil's life expectancy is 21 years, and this year he received eleven payments for a total pension income of $16,500. Calculate Phil's taxable income from the annuity in the current year, using the general rule.

Answer rating: 100% (QA)

The amount excluded from i... View the full answer