Spencer, a 35-year-old single taxpayer, contributed $24,000 to a commercial annuity in 2018. The annuity is a
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Spencer, a 35-year-old single taxpayer, contributed $24,000 to a commercial annuity in 2018. The annuity is a nonqualified plan. In 2021, before the annuity start date, Spencer took a $3,500 nonperiodic distribution and used the money to pay off his credit card debt. If the value of the annuity at the time of the distribution was $32,000, how much of the distribution is taxable?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: