Last Year my wife purchased an annuity with some of the funds in her regular IRA. It is a "life insured" annuity which will pay her estate its full purchase price as a minimum upon her death, and possibly more than that if the invested assets increased.
The annuity paid her directly a fixed amount per month in 2012.
I'm assuming this income is reportable, but where does it get placed, under "other income" maybe.
I also bought the same type of annuity, but it's held in a regular brokerage account. How do I report the similar monthly income I received from that annuity during 2012?
Thanks Fellas,
Jeff