Schedule K (Form Rev-1514) - Life Estate, Annuity & Term Certain
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1REV-1514 EX+ (1-15)
SCHEDULE K
LIFE ESTATE, ANNUITY
BUREAU OF INDIVIDUAL TAXES
& TERM CERTAIN
PO BOX 280601
HARRISBURG PA 17128-0601
START
ESTATE OF
FILE NUMBER
This schedule should be used for all single-life, joint or successive life estate and term-certain calculations. For dates of death prior to 5-1-89,
actuarial factors for single-life calculations can be obtained from the Department of Revenue.
Actuarial factors can be found in IRS Publication 1457, Actuarial Values, Alpha Volume for dates of death from 5-1-89 to 4-30-99,
and in Aleph Volume for dates of death from 5-1-99 and thereafter.
Indicate below the type of instrument that created the future interest and attach a copy of it to the tax return.
o
o
o
Will
Intervivos Deed of Trust
Other
LIFE ESTATE INTEREST CALCULATION
NEAREST AGE AT
TERM OF YEARS
NAME OF LIFE TENANT
DATE OF BIRTH
DATE OF DEATH
LIFE ESTATE IS PAYABLE
o
o
Life or
Term of Years
o
o
Life or
Term of Years
o
o
Life or
Term of Years
o
o
Life or
Term of Years
o
o
Life or
Term of Years
1. Value of fund from which life estate is payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$
2. Actuarial factor per appropriate table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
o
o
o
o
Interest table rate –
3.5%
6%
10%
Variable Rate _________%
3. Value of life estate (Line 1 multiplied by Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$
ANNUITY INTEREST CALCULATION
NEAREST AGE AT
TERM OF YEARS
NAME OF LIFE ANNUITANT
DATE OF BIRTH
DATE OF DEATH
ANNUITY IS PAYABLE
o
o
Life or
Term of Years
o
o
Life or
Term of Years
o
o
Life or
Term of Years
o
o
Life or
Term of Years
1. Value of fund from which annuity is payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$
2. Check appropriate block below and enter corresponding number . . . . . . . . . . . . . . . . . . . . . . . . .
o
o
o
Frequency of payout –
Weekly (52)
Bi-weekly (26)
Monthly (12)
o
o
o
o
Quarterly (4)
Semi-annually (2)
Annually (1)
Other (
)
3. Amount of payout per period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$
4. Aggregate annual payment, Line 2 multiplied by Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. Annuity Factor (see instructions)
o
o
o
o
Interest table rate –
3.5%
6%
10%
Variable Rate _________%
6. Adjustment Factor (See instructions.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. Value of annuity – If using 3.5, 6, or 10%, or if variable rate and period
payout is at end of period, calculation is Line 4 x Line 5 x Line 6 . . . . . . . . . . . . . . . . . . . . . . . .$
If using variable rate and period payout is at beginning of period, calculation is
(Line 4 x Line 5 x Line 6) + Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$
NOTE: The values of the funds that create the above future interests must be reported as part of the estate assets on Schedules A through G of
the tax return. The resulting life or annuity interest should be reported at the appropriate tax rate on Lines 13 and 15 through 18 of the return.
If more space is needed, use additional sheets of the same size.
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