Instructions For Form 1098-Q - Qualifying Longevity Annuity Contract Information - 2015 Page 3
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3If a QLAC is providing or will provide a life annuity to a
been purchased reaches age 85 or dies. If the individual dies
surviving spouse under paragraph (c)(1) of Q&A-17, it is also
and the sole beneficiary under the contract is the individual's
permitted to provide for a benefit paid to a beneficiary after
spouse (in which case the spouse's annuity would not be
the death of both the employee and the spouse in an amount
required to commence until the individual would have
equal to the excess of the premium payments made with
commenced benefits under the contract had the individual
respect to the QLAC over the payments already made under
survived), you must file Form 1098-Q and provide a
the QLAC.
statement annually to the spouse until the year in which the
distributions to the spouse begin or the year in which the
A return of premium payment under paragraph (c)(4) of
spouse dies, if earlier.
Q&A-17 must be paid no later than the end of the calendar
Issuer's Name, Address, Telephone Number,
year following the calendar year in which the employee dies.
If the employee’s death is after the required beginning date,
and Federal Identification Number Boxes
the return of premium payment is treated as a required
Enter the name, address (including street address, city or
minimum distribution (RMD) for the year in which it is paid
town, state or province, country, and ZIP or foreign postal
and is not eligible for rollover. See the Instructions for Forms
code), and telephone number of the entity with the filing
1099-R and 5498 for further information regarding rollovers
requirement (issuer) in the box in the upper left corner. The
and RMDs.
telephone number must allow a participant to reach a person
knowledgeable about the information reported on the form.
If the return of premium payment is paid after the death of
a surviving spouse who is receiving a life annuity (or after the
Account Number
death of a surviving spouse who has not yet begun receiving
The account number is required if you have multiple
a life annuity after the death of the employee), the return of
accounts for a recipient for whom you are filing more than
premium payment must be made no later than the end of the
one Form 1098-Q. Additionally, the IRS encourages you to
calendar year following the calendar year in which the
designate an account number for all Forms 1098-Q that you
surviving spouse dies. If the surviving spouse’s death is after
file. See part L in the 2015 General Instructions for Certain
the required beginning date for the surviving spouse, then the
Information Returns.
return of premium payment is treated as a RMD for the year
in which it is paid and is not eligible for rollover.
Plan Number, Name of Plan, and Employer
Who Must File
Identification Number
Any person who issues a contract intended to be a QLAC
If the contract was purchased under a plan, enter the plan
that is purchased or held under any plan, annuity, or account
number, the name of the plan, and the employer identification
described in section 401(a), 403(a), 403(b), 408 (other than a
number of the plan sponsor.
Roth IRA) or eligible governmental plan under section 457(b),
Box 1a. Annuity Amount on Start Date
must file Form 1098-Q.
If the payments have not yet started, enter the amount of the
Furnishing Statements to Participants
periodic annuity payable on the start date.
If you are required to file Form 1098-Q, you must furnish a
Box 1b. Annuity Start Date
statement to the participant annually. For more information
about the requirement to furnish a statement to each
If the payments have not yet started, enter the annuity
participant, see part M in the 2015 General Instructions for
starting date on which the annuity is scheduled to start.
Certain Information Returns.
Box 2. Check if Start Date May Be Accelerated
Truncating participant's identification number on
Check the box if payments have not yet started and the start
payee statements. Pursuant to Treasury Regulations
date may be accelerated.
section 301.6109-4, all filers of this form may truncate a
participant's identification number (social security number
Box 3. Total Premiums
(SSN), individual taxpayer identification number (ITIN),
adoption taxpayer identification number (ATIN), or employer
Enter the cumulative total amount of all premiums paid for the
identification number (EIN)) on payee statements. Truncation
contract through the end of the calendar year.
is not allowed on any documents the filer files with the IRS. A
Box 4. FMV of QLAC
filer's identification number may not be truncated on any
form. See part J in the 2015 General Instructions for Certain
Enter the fair market value (FMV) of the QLAC as of the close
Information Returns.
of the calendar year.
Manner and time for filing. You must file Form 1098-Q
Boxes 5a Through 5l
with the IRS and furnish a statement to the individual in
Enter the amount of each premium paid for the contract and
whose name the contract has been purchased for each
the date of the premium payment. If there is more than one
calendar year beginning with the year in which the premiums
payment per month, enter the total payments for the month
for a contract are first paid and ending with the earlier of the
and the date the last payment was made.
year in which the individual in whose name the contract has
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Instructions for Form 1098-Q (2015)
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