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Chris, age 68, has an annuity upon which he will collect $8,000 in 2018. He...

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Accounting

Chris, age 68, has an annuity upon which he will collect $8,000 in 2018. He originally invested $100,000 in the annuity. The annuity plan was set up for him to collect $40,000 annually for 10 years. How much of his annuity income is taxable in 2018? Use the general rule method to calculate the taxable amount. 1. 10,000 2. 6,000 3. 30,000 4. 2,000 5. 8,000

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