Sam Retired Last Year and Will Receive Annuity Payments for Life

question 49

Multiple Choice

Sam retired last year and will receive annuity payments for life from his employer's qualified retirement plan of $30,000 per year starting this year.During his years of employment,Sam contributed $130,000 to the plan on an after-tax basis.Based on IRS tables,his life expectancy is 260 months.This year,Sam will include what amount in income?

• A)0
• B)$6,000
• C)$24,000
• D)$30,000

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Definitions:

Unions

Organizations formed by workers to protect and advance their rights and interests.

Individual Resistance

The act of an individual opposing or fighting against conventions, norms, social injustices, or institutional requirements.

Office Workers

Individuals employed in a professional environment, typically within an office setting, performing administrative duties or other specialized tasks.

Daydreaming

The act of engaging in spontaneous and self-generated thoughts and fantasies, typically disconnected from immediate tasks or surroundings.