Form 1098-Q - Qualifying Longevity Annuity Contract Information - 2018 Page 4
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6Instructions for Participant
The information on this Form 1098-Q is submitted to the IRS
number of the plan, the name of the plan, and the employer
by the issuer of your qualifying longevity annuity contract
identification number (EIN) of the plan sponsor.
(QLAC) to report the status of the contract. Prior to
Box 1a. Annuity amount on start date. If the payments have
annuitization, the value of any QLAC purchased after July 1,
not started, shows the annuity amount payable on start date.
2014, held by your plan or IRA (section 401(a), 403(a), 403(b),
Box 1b. Annuity start date. If the payments have not started,
408 (other than a Roth IRA) or eligible governmental plan
shows the date on which the annuity is scheduled to start. The
under section 457(b)), is not included when calculating the
date reported is shown in the format month, day, and year
required minimum distribution (RMD) from your plan or IRA.
(mmddyyyy).
You will receive this statement annually beginning with the
Box 2. If checked, shows that the start date may be
first year in which premiums are paid and ending with the
accelerated.
earlier of the year in which you attain age 85 or die. In the
event of your death, if the sole beneficiary under the contract
Box 3. Shows the cumulative total amount of premiums paid
is your surviving spouse, this annual statement will be
for the contract. Your cumulative total premiums paid for all
furnished to your surviving spouse until distributions
QLACs cannot exceed $125,000. Also, QLACs purchased
commence, or if earlier, the year in which your surviving
under an IRA cannot exceed 25% of your total IRA account
spouse dies.
balances and QLACs purchased under an employer's plan
cannot exceed 25% of your account balance in the plan. If
If you have questions about your QLAC, contact the issuer
you have paid more than that, contact your contract issuer.
at the address and phone number shown on the front of the
form.
Box 4. Shows the fair market value (FMV) of your QLAC as of
December 31, 2017.
Account number. May show an account or other unique
number the issuer assigned to distinguish your account.
Boxes 5a–5l. Shows the amount of each premium paid for the
contract and the date each premium payment was made in
Participant's taxpayer identification number. For your
2017. If there is more than one payment per month, the box
protection, this form may show only the last four digits of your
for that month will include the total payments for the month
social security number (SSN), individual taxpayer identification
and the date of the last payment in the month.
number (ITIN), adoption taxpayer identification number (ATIN),
or employer identification number (EIN). However, the issuer
Future developments. For the latest information about
has reported your complete identification number to the IRS.
developments related to Form 1098-Q and its instructions,
such as legislation enacted after they were published, go to
Plan number, name, and employer identification number.
Shows, if the contract was purchased under a plan, the
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