The table contains a simplified annuity table for employee annuity contracts that start after November 18, 1996. Age of Primary Annuitant Anticipated Payments 55 and under 360 56-60 310 61-65 260 66-70 210 71 and over 160 (Refer to the table ) Xie, a calendar year taxpayer, age 65, began receiving $1,500 per month from his employer's annuity. He had contributed $120,000 toward the annuity and received 12 monthly payments for the year. How much of this annuity is excluded from gross income for the year? O 50 O$3,000 $12.462