Phil retired in January 2021 at age 63. His pension is $1,500 per month and this year he received eleven payments. Phil’s life expectancy is 21 years. He received the following 1099-R.

◻ CORRECTED (if checked)

PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Pierce Corporation Pension Plan 6200 Winnetka Avenue Woodland Hills, CA 91371					1	Gross distribution		OMB No. 1545-0119 2021 Form 1099-R			Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
					$	16,500.00
					2a	Taxable amount
					$
					2b	Taxable amount not determined ☒			Total distribution ◻			Copy B Report this income on your federal tax return. If this form shows federal income tax withheld in box 4, attach this copy to your return. This information is being furnished to the IRS.
PAYER'S TIN			RECIPIENT'S TIN		3	Capital gain (included in box 2a)		4	Federal income tax withheld
24-7654567			120-66-4377		$			$	0.00
RECIPIENT’S name Phil Ventura Street address (including apt. no.) 1001 Chawareewong Blvd City or town, state or province, country, and ZIP or foreign postal code Sherman Oaks, CA 91403					5	Employee contributions/Designated Roth contributions or insurance premiums		6	Net unrealized appreciation in employer’s securities
					$			$
					7	Distribution code(s)	IRA/SEP/ SIMPLE	8	Other
						7	◻	$			%
					9a	Your percentage of total distribution %		9b	Total employee contributions
								$	42,500.00
10	Amount allocable to IRR within 5 years	11	1st year of desig. Roth contrib.	12 FATCA filing      requirement	14	State tax withheld		15	State/Payer’s state no.			16	State distribution
					$							$
$				◻	$							$
Account number (see instructions)				13 Date of      payment	17	Local tax withheld		18	Name of locality			19	Local distribution
					$							$
					$							$

Form 1099-R

www.irs.gov/Form1099R

Department of the Treasury - Internal Revenue Service

a.  Calculate Phil's taxable income from the annuity in the current year, using the general rule.

In your computations round any division to five decimal places. Round your final answer to the nearest dollar.

Answer rating: 100% (QA)

Expected return Total amount contributed Pension per month No of months in a y... View the full answer