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kotykmax [81]
1 year ago
15

Howard (71), a retired single taxpayer, received a monthly pension of $2,500 ($30,000 annually). He did not contribute any after

-tax dollars to the plan while he was working; his employer paid all the costs. Howard's only other income for the year consisted of $17,256 in social security benefits. In early 2022, howard received the following 2021 form 1099-r reporting the distribution from his pension plan. When howard files his tax return, how much should he report as taxable income from pensions and annuities?.
Business
1 answer:
ArbitrLikvidat [17]1 year ago
7 0

The amount that Howard should report as taxable income from pensions and annuities when he files his tax return is $30, 000.

<h3>How to find the taxable income?</h3>

The Taxable income that Howard would report would depend on the contributions he made towards his retirement when he was still working. If these contributions were after - tax, then it would mean that he would not need to pay taxes.

However, as mentioned in the question, Howard did not contribute any after-tax dollars to the plan. This means that his entire income will be taxable.

Howard's taxable income would therefore be the entire $ 30, 000 annually.

Find out more on taxable income at brainly.com/question/26483240

#SPJ1

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Hope this helps
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igor_vitrenko [27]
Interesting question!, Let me help you here

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