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In 2009, Ted purchased an annuity for $60,000. The annuity is to pay him $1,500 per month for the rest of his life. His life expectancy is 120 months. A). Ted is not required to recognize any income until he has collected 40 payments (40 $1,500 = $60,000).
Save. There are various types of annuities. In certain instances when the owner dies, the Internal Revenue Service requires the surviving annuitant on a joint account or the beneficiary to immediately cash in the annuity. However, the IRS doesn't require people to cash in all types of annuities when the owner dies.ave. There are various types of annuities. In certain instances when the owner dies, the Internal Revenue Service requires the surviving annuitant on a joint account or the beneficiary to immediately cash in the annuity. However, the IRS doesn't require people to cash in all types of annuities when the owner dies.