IRS Form 1098-Q 2019 Qualifying Longevity Annuity Contract Information

What Is the IRS Form 1098-Q?

IRS Form 1098-Q, Qualifying Longevity Annuity Contract Information, is a form filed by a person who issues a contract intended to be a Qualifying Longevity Annuity Contract (QLAC), so that the annuity holder can claim deductions on their distribution taxes. This form is issued by the Internal Revenue Service (IRS) every year and was last revised in 2019. You can download Form 1098-Q using this link.

Any person who issues a contract intended to be a QLAC is required to file Form 1098-Q with the IRS every year to report the status of the contract. Also, the issuer must annually furnish a statement to the participant in whose name the contract has been purchased, beginning the first year when the premiums are paid and ending the year before the participant turns 85 years old or dies. This form allows the participant to have their taxable income and the overall amount owed to the IRS reduced.

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Attention:
Copy A of this form is provided for informational purposes only. Copy A appears in red,
similar to the official IRS form. The official printed version of Copy A of this IRS form is
scannable, but the online version of it, printed from this website, is not. Do not print and file
copy A downloaded from this website; a penalty may be imposed for filing with the IRS
information return forms that can’t be scanned. See part O in the current General
Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more
information about penalties.
Please note that Copy B and other copies of this form, which appear in black, may be
downloaded and printed and used to satisfy the requirement to provide the information to
the recipient.
To order official IRS information returns, which include a scannable Copy A for filing with
the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on
Employer and Information
Returns, and we’ll mail you the forms you request and their
instructions, as well as any publications you may order.
Information returns may also be filed electronically using the IRS Filing Information Returns
Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act
Information Returns (AIR) program (visit www.IRS.gov/AIR).
See IRS Publications 1141, 1167, and 1179 for more information about printing these tax
forms.
Attention:
Copy A of this form is provided for informational purposes only. Copy A appears in red,
similar to the official IRS form. The official printed version of Copy A of this IRS form is
scannable, but the online version of it, printed from this website, is not. Do not print and file
copy A downloaded from this website; a penalty may be imposed for filing with the IRS
information return forms that can’t be scanned. See part O in the current General
Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more
information about penalties.
Please note that Copy B and other copies of this form, which appear in black, may be
downloaded and printed and used to satisfy the requirement to provide the information to
the recipient.
To order official IRS information returns, which include a scannable Copy A for filing with
the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on
Employer and Information
Returns, and we’ll mail you the forms you request and their
instructions, as well as any publications you may order.
Information returns may also be filed electronically using the IRS Filing Information Returns
Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act
Information Returns (AIR) program (visit www.IRS.gov/AIR).
See IRS Publications 1141, 1167, and 1179 for more information about printing these tax
forms.
VOID
CORRECTED
7474
ISSUER'S name, street address, city or town, state or province, country, ZIP
ISSUER’S TIN
OMB No. 1545-2234
or foreign postal code, and telephone no.
Qualifying
PARTICIPANT’S TIN
Longevity Annuity
2019
Contract
Information
1a Annuity amount on start date
$
1098-Q
Form
2 Check if start date may be
1b Annuity start date
Copy A
accelerated
For
Internal Revenue
3 Total premiums
4 FMV of QLAC
Service Center
$
$
File with Form 1096.
PARTICIPANT’S name
5a January
dd
5b February
dd
$
$
For Privacy Act
5c March
dd
5d April
dd
and Paperwork
$
$
Street address (including apt. no.)
Reduction Act Notice,
see the
5e May
dd
5f June
dd
2019 General
$
$
Instructions for
5g July
dd
5h August
dd
Certain Information
Returns.
$
$
City or town, state or province, country, and ZIP or foreign postal code
5i September
dd
5j October
dd
$
$
Account number (see instructions)
Plan no.
5k November
dd
5l December
dd
$
$
Name of plan
Plan sponsor's EIN
1098-Q
Form
Cat. No. 67073Z
www.irs.gov/Form1098Q
Department of the Treasury - Internal Revenue Service
Do Not Cut or Separate Forms on This Page
Do Not Cut or Separate Forms on This Page
CORRECTED (if checked)
ISSUER'S name, street address, city or town, state or province, country, ZIP
ISSUER’S TIN
OMB No. 1545-2234
or foreign postal code, and telephone no.
Qualifying
PARTICIPANT’S TIN
Longevity Annuity
2019
Contract
Information
1a Annuity amount on start date
$
1098-Q
Form
2 If checked, start date may
1b Annuity start date
Copy B
be accelerated
For Participant
3 Total premiums
4 FMV of QLAC
$
$
PARTICIPANT’S name
5a January
dd
5b February
dd
This information is
$
$
being furnished
to the IRS.
5c March
dd
5d April
dd
$
$
Street address (including apt. no.)
5e May
dd
5f June
dd
$
$
5g July
dd
5h August
dd
$
$
City or town, state or province, country, and ZIP or foreign postal code
5i September
dd
5j October
dd
$
$
Account number (see instructions)
Plan no.
5k November
dd
5l December
dd
$
$
Name of plan
Plan sponsor's EIN
1098-Q
Form
(Keep for your records)
www.irs.gov/Form1098Q
Department of the Treasury - Internal Revenue Service
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
Box 2. If checked, shows that the start date may be
(RMD) from your plan or IRA.
accelerated.
You will receive this statement annually beginning with the
Box 3. Shows the cumulative total amount of premiums paid
first year in which premiums are paid and ending with the
for the contract. Your cumulative total premiums paid for all
earlier of the year in which you attain age 85 or die. In the
QLACs cannot exceed $130,000. Also, QLACs purchased
event of your death, if the sole beneficiary under the contract
under an IRA cannot exceed 25% of your total IRA account
is your surviving spouse, this annual statement will be
balances and QLACs purchased under an employer's plan
furnished to your surviving spouse until distributions
cannot exceed 25% of your account balance in the plan. If
commence, or if earlier, the year in which your surviving
you have paid more than that, contact your contract issuer.
spouse dies.
Box 4. Shows the fair market value (FMV) of your QLAC as of
If you have questions about your QLAC, contact the issuer
December 31, 2019.
at the address and phone number shown on the front of the
form.
Boxes 5a–5l. Shows the amount of each premium paid for the
contract and the date each premium payment was made in
Account number. May show an account or other unique
2019. If there is more than one payment per month, the box
number the issuer assigned to distinguish your account.
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
Future developments. For the latest information about
TIN (social security number (SSN), individual taxpayer
developments related to Form 1098-Q and its instructions,
identification number (ITIN), adoption taxpayer identification
such as legislation enacted after they were published, go to
number (ATIN), or employer identification number (EIN)).
www.irs.gov/Form1098Q.
However, the issuer has reported your complete TIN to the
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.
VOID
CORRECTED
ISSUER'S name, street address, city or town, state or province, country, ZIP
ISSUER’S TIN
OMB No. 1545-2234
or foreign postal code, and telephone no.
Qualifying
PARTICIPANT’S TIN
Longevity Annuity
2019
Contract
Information
1a Annuity amount on start date
$
1098-Q
Form
2 Check if start date may be
1b Annuity start date
Copy C
accelerated
For Issuer
3 Total premiums
4 FMV of QLAC
$
$
PARTICIPANT’S name
5a January
dd
5b February
dd
For Privacy Act
$
$
and Paperwork
Reduction Act
5c March
dd
5d April
dd
Notice, see the
$
$
Street address (including apt. no.)
2019 General
Instructions for
5e May
dd
5f June
dd
Certain Information
$
$
Returns.
5g July
dd
5h August
dd
$
$
City or town, state or province, country, and ZIP or foreign postal code
5i September
dd
5j October
dd
$
$
Account number (see instructions)
Plan no.
5k November
dd
5l December
dd
$
$
Name of plan
Plan sponsor's EIN
1098-Q
Form
www.irs.gov/Form1098Q
Department of the Treasury - Internal Revenue Service

Download IRS Form 1098-Q 2019 Qualifying Longevity Annuity Contract Information

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Form 1098-Q Instructions

The IRS provides separate instructions for Form 1098-Q, which you can download by clicking this link. Form 1098-Q reporting may be done electronically through the Filing Information Returns Electronically (FIRE) System. IRS Publication 1220 provides information on how to submit the report electronically. The due date for providing this form to a participant is January 31, 2020.

Form 1098-Q Copy A on paper shall be filed by February 28, 2020, or March 31, 2020, if filed electronically. There is no fill-in form option for Copy A. Late filing penalties apply if the lender fails to file a correct return by the due date without a reasonable cause. The penalties are as follows:

  • $50 per return if you correctly file within 30 days of the due date;
  • $110 per return if you correctly file more than 30 days after the due date but by August 1; and
  • $270 per information return if you file after August 1 or if you do not file required information returns.

IRS 1098-Q Related Forms

  • IRS Form 1098, Mortgage Interest Statement. This is a form that reports the amount of interest and related expenses that an individual or sole proprietor paid on a mortgage during a tax year in order to estimate tax deductions.
  • IRS Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes. It lists all the donations of automobiles, boats, and airplanes that were made to charitable organizations during the tax year, and is filed by the recipient organization, so that the donor can claim a donation tax deduction.
  • IRS Form 1098-E, Student Loan Interest Statement. This form reports to the IRs the interest amount that was paid on qualified student loans for the tax year. Said amount can be deducted by the taxpayer on their income tax return.
  • IRS Form 1098-T, Tuition Statement. This document contains information about qualified tuition and related fees during the tax year. It is used by educational institutions also to calculate education-related tax deductions and credits. It also reports any scholarships and grants received that may reduce the above-mentioned deductions or credits.
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