On January 1, 2020, Sal Miner uses $2,673 of his savings to pay for an annuity that will return $1,000 at the end of each year in 2020, 2021, and 2022. The effective rate of interest in this annuity is 6 percent. What is the effect of the $1,000 payment on Mr. Miner's 2020 Net Income For Tax Purposes?

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The Answer of On January 1, 2020, Sal Miner uses $2,673 of his savings to pay for an annuity that will return $1,000 at the end of each year in 2020, 2021, and 2022. The effective rate of interest in this annuity is 6 percent. What is the effect of the $1,000 payment on Mr. Miner's 2020 Net Income For Tax Purposes?

On January 1, 2020, Sal Miner Uses $2,673 of His