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Patrick is entitled to receive monthly payments of $1,500 over his life from his employers...

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Accounting

Patrick is entitled to receive monthly payments of $1,500 over his life from his employers qualified pension plan or he can take $1,300 monthly over his life and the life of his wife. The payments begin January 1, 2017. He contributed $85,250 to the plan prior to his retirement. Patrick is 64 and his wife is 62. Using the simplified method, how much of the payments will be included in Patricks taxable income for 2017 if he chooses to take the $1,300 monthly over his life and the life of his wife?

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