Federal Income Tax

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What is Income?

Annuities and Pension

  • To determine tax for annuities, calculate an exclusion ratio and then you are taxed on the ratio multiplied by the yearly payout. See rule 72.
  • For pensions, the employer contribution is taxable but the employee contribution is treated like the annuity (deferred taxation). Se rule 72.


Commissioner v. Duberstein Burnet v. Sanford & Brooks Co.