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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), 408 (other than a Roth IRA) or date reported is shown in the format month, day, and year
eligible governmental plan under section 457(b)), is not (mmddyyyy).
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. Your cumulative total premiums paid for all
event of your death, if the sole beneficiary under the contract QLACs cannot exceed $130,000. Also, QLACs purchased
is your surviving spouse, this annual statement will be under an IRA cannot exceed 25% of your total IRA account
furnished to your surviving spouse until distributions balances and QLACs purchased under an employer's plan
commence, or if earlier, the year in which your surviving cannot exceed 25% of your account balance in the plan. If
spouse dies. you have paid more than that, contact your contract issuer.
If you have questions about your QLAC, contact the issuer Box 4. Shows the fair market value (FMV) of your QLAC as of
at the address and phone number shown on the front of the December 31, 2019.
form. Boxes 5a–5l. Shows the amount of each premium paid for the
Account number. May show an account or other unique contract and the date each premium payment was made in
number the issuer assigned to distinguish your account. 2019. If there is more than one payment per month, the box
for that month will include the total payments for the month
Participant's taxpayer identification number (TIN). For your and the date of the last payment in the month.
protection, this form may show only the last four digits of your
TIN (social security number (SSN), individual taxpayer Future developments. For the latest information about
identification number (ITIN), adoption taxpayer identification developments related to Form 1098-Q and its instructions,
number (ATIN), or employer identification number (EIN)). such as legislation enacted after they were published, go to
However, the issuer has reported your complete TIN to the www.irs.gov/Form1098Q.
IRS.
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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