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Instructions for Participant
The information on this Form 1098-Q is submitted to the IRS Box 1a. Annuity amount on start date. If the payments have
by the issuer of your qualifying longevity annuity contract not started, shows the annuity amount payable on start date.
(QLAC) to report the status of the contract. Prior to Box 1b. Annuity start date. If the payments have not started,
annuitization, the value of any QLAC held by your plan or IRA shows the date on which the annuity is scheduled to start. The
(section 401(a), 403(a), 403(b), or 408 (other than a Roth IRA); date reported is shown in the format month, day, and year,
or eligible governmental plan under section 457(b)) is not mm/dd/yyyy.
included when calculating the required minimum distribution
(RMD) from your plan or IRA. Box 2. If checked, shows that the start date may be
accelerated.
You will receive this statement annually beginning with the
first year in which premiums are paid and ending with the Box 3. Shows the cumulative total amount of premiums paid
earlier of the year in which you attain age 85 or die. In the for the contract. Beginning in 2020, your cumulative total
event of your death, if the sole beneficiary under the contract premiums paid for all QLACs cannot exceed $135,000. Also,
is your surviving spouse, this annual statement will be QLACs purchased under an IRA cannot exceed 25% of your
furnished to your surviving spouse until distributions total IRA account balances and QLACs purchased under an
commence, or if earlier, the year in which your surviving employer’s plan cannot exceed 25% of your account balance
spouse dies. in the plan. If you have paid more than that, contact your
contract issuer.
If you have questions about your QLAC, contact the issuer
at the address and phone number shown on the front of the Box 4. Shows the fair market value (FMV) of your QLAC as of
form. December 31 of the reporting year.
Account number. May show an account or other unique Boxes 5a–5l. Show the amount of each premium paid for the
number the issuer assigned to distinguish your account. contract and the date each premium payment was made in
the reporting year. If there is more than one payment per
Participant’s taxpayer identification number (TIN). For your month, the box for that month will include the total payments
protection, this form may show only the last four digits of your for the month and the date of the last payment in the month.
TIN (social security number (SSN), individual taxpayer
identification number (ITIN), adoption taxpayer identification Future developments. For the latest information about
number (ATIN), or employer identification number (EIN)). developments related to Form 1098-Q and its instructions,
However, the issuer has reported your complete TIN to the such as legislation enacted after they were published, go to
IRS. www.irs.gov/Form1098Q.
Plan number, name, and EIN. Shows, if the contract was
purchased under a plan, the number of the plan, the name of
the plan, and the EIN of the plan sponsor.
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