Question: phyllis surrenders her annuity while it is in the accumulation phase. She paid $ 8 , 0 0 0 into the contract, and it has

phyllis surrenders her annuity while it is in the accumulation phase. She paid $8,000 into the contract, and it has a value 0f $11,000. How will her $3,000 gain be taxed?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

From the Statistician Review Question: You are asked to evaluate a nursing programs admission criteria and want to determine whether the mean grade point average (GPA) is different for individuals...

Q:

Phyllis surrenders her annuity while it is in the accumulation phase. She paid $ 8 , 0 0 0 into the contract, and it has a value of $ 1 1 , 0 0 0 . How will her $ 3 , 0 0 0 gain be taxed? A ) As...

Q:

phyllis surrenders her annuity while its in the accumulation phase. she paid $8000 into the contract, and it has a value of 11,000. how will the 3000 gain be taxed? a. no tax is due on the gain b. as...

Q:

UOL Maps News Cloud 3 od. laddering 26. Nick is receiving quarterly income payments from his variable annuity. At the time he annuitized, his contract's accumulated value was $200,000, and the AIR...

Q:

Please I need help with the ratios mention bellow. Find necessary information the complete the assignment on the attachments, Which include PDF of the 10k. Thanks Calculate the following ratios for...

Q:

Question 1 Which of the following statements is true regarding Social Security? For 2016, a worker receives one credit for each $1,260 of covered earnings. There is no maximum number of credits a...

Q:

1. A U.S. life insurance applicant indicates that he has never been treated for mental health issues on his application but has in fact been undergoing treatment for bi-polar disorder for many years....

Q:

can you find the mistake? there suppose to be a mistake between number 9-30 11/30/2016 Take Test: 230Homework#10 - Fall 2016FIN 230... Take Test: 230Homework#10 Test Information Description Respondus...

Q:

13. Which of the following is true concerning the annuity contract? a. at the beginning of the accumulation phase, the annuitant irrevocably selects the distribution method for the liquidation phase...

Q:

6. Pretend that you are Burton Malkiel. Evaluate the investments in the portfolio below from Malkiel's perspective. Discuss each investment (e.g., the TIAA Real Estate) in a separate paragraphs,...

Q:

11. All of the following are factors that insurers commonly consider when setting the interest rate at which interest will be credited on their declared-rate annuities EXCEPT: Oa. interest rates...

Q:

Jim has a traditional IRA. He has $300,000 in the IRA today. Jim also has $102,000 in cash. He is in the 34% tax bracket. Jim converts the IRA to a Roth IRA today. He invests everything he has...

Q:

Bobby wants to accumulate $150,000 over the next 5 years by making monthly deposits starting one month from today into an account that pays 4.5% interest. How much must he deposit each month? Enter...

Q:

5 In pairs, discuss and compare how the relationship between nature and humans is presented in "Visitors' and 'Loneliness'. Consider: the effect that nature has on humans the viewpoints-what can you...

Q:

Write a 1 - 2 page, APA style paper entitled the The Difference of Common Stock vs . Preferred Stock. You must include a separate cover sheet ( in APA style ) and a separate reference / citations...