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Income Made Easy Election Form John Hancock Annuities

Income Made Easy Election Form John Hancock Annuities

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in this video i'm going to talk about how to use the simplified method for calculating the taxable portion of an annuity tom is a taxpayer who retired in february of 2021 he's 64 years old and is expected to live another 20 years his pension pays 28.50 per month and in 2021 he received 10 payments for a total of 28 500 for which he received a 1099-r tom has contributed 85 000 into this pension based on his employee contributions and has never taken any tax free withdrawals in this case we're going to use a simplified worksheet let's scroll down here so we're looking for tom's taxable income from his pension for tax year 21. so the first thing that we need to do is enter the total amount received this year so the total amount received this year if we remember from up top is 28 500 so i'm going to go ahead and annotate that here 28 500 all right enter the cost of the plan at the annuity starting date and this is going to be the 85 0

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