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Chapter 14 : Application Questions 1, 2, 3 and 4 on page 305

     

Although both immediate and variable annuities can provide lifetime income to annuitants, they differ in important ways. Compare and contrast (1) an immediate annuity with (2) a variable annuity with respect to each of the following:
 

Determining how the premiums are invested
 
Stability of income payments after retirement
 
Death benefits if the annuitant dies before
retirement
 

A fixed indexed annuity and a variable annuity are both similar and different in many respects.
 

Explain the major similarities between an fixed-
indexed annuity and a variable annuity.
 
Identify the major differences between a fixed
indexed annuity and a variable annuity.
 

Mario, age 65, purchased an immediate annuity for $120,000 that pays a lifetime monthly income of $1,000. The annuity has no refund feature. Based on the IRS actuarial table, Mario has a life expectancy of 20 years. If Mario receives 12 monthly payments of $1,000 the first year, how much taxable income must he report on his tax return?
 
Travis, age 25, graduated from college and obtained a position as a tax accountant. He is ineligible to participate in his employer’s retirement plan for one year.
a. Assume that Travis has a starting salary of$60,000 for 2018 and does not participate in the employer’s retirement plan. Is Travis eligible to establish a traditional tax-deductible IRA? Explain your answer.
b. Assume the same facts in (a). Is Travis eligible to establish a Roth IRA? Explain your answer.
 

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