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[solved] HW 3 1. Jenny is receiving annuity payments of $50,000 a year. Her exclusion ratio is 65%. How much (in dollars) of her payment is taxable? 2.


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HW 3 1. Jenny is receiving annuity payments of $50,000 a year. Her exclusion ratio is 65%. How much (in

 

dollars) of her payment is taxable?

 

2. Lindsey has a bought a $500,000 life annuity. Her life expectancy is 25 years. Her annual

 

payments $30,000 a year.

 

a. What is her exclusion ratio? b. How much of the payment (in dollars) is excluded from tax? c. How much of the payment (in dollars) is taxable?

 

d. How much will she owe in taxes after her first payment is she is in the 25% tax bracket?

 

e. How much will she owe in taxes on the 26 th payment?

 

3. Ron has a $1,000,000 annuity policy inside his IRA. He will receive $65,000 a year from his

 

annuity to fund his retirement. His life expectancy is 20 years.

 

a. What is his exclusion ratio? b. How much of the payment (in dollars) is excluded from tax? c. How much of the payment (in dollars) is taxable?

 

d. How much will he owe in taxes after her first payment is she is in the 25% tax bracket?

 

e. How much will he owe in taxes on the 21st payment? 4. Kanu has a $515,000 inside a deferred variable annuity. He put $500,000 into the annuity and

 

the remaining $15,000 is growth. He started the annuity exactly one year and one day ago. The

 

sub account for the annuity is 100% invested in stocks. Kanu is 65.

 

a. If Kanu withdraws $1,000 will any of it be taxed? How much and at what rates (ie

 

Ordinary Income Rate, Short Term Capital Gain Rate, etc?)?

 

b. If Kanu withdraws $20,000 will any of it be taxed? How much and at what rates (ie

 

Ordinary Income Rate, Short Term Capital Gain Rate, etc?)?

 

c. If Kanu withdraws all of his money will any of it be taxed? How much and at what rates

 

(ie Ordinary Income Rate, Short Term Capital Gain Rate, etc?)?

 

d. If Kanu withdraws all of his money after 1 year does he have anything to worry about

 

other than taxes?

 


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