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Samuel, who is single, retired, and 66 years old, purchased an annuity during this working...

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Accounting

Samuel, who is single, retired, and 66 years old, purchased an annuity during this working years jointly with his employer. Samuel contributed $240,000 of after-tax funds to the annuity, while his employer contributed $60,000 of before-tax compensation. Under the terms of the annuity, Samuel is to receive $4,000 every month for life. Based on actuarial tables published by the Treasury, Samuel's life expectancy multiple is 19.2. Assuming that Samuel receives $48,000 from the annuity in 2020, how much income from the annuity must he report

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