Annuity Income
Response to the following problem:
Gregg purchased an annuity contract for $92,400. The contract stated that he would receive $550 a month for life, starting on January 1, 2010. On that date, Gregg's remaining life expectancy was 20 years. For 2014, how much of the $6,600 of annuity payments can Gregg exclude from gross income?