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.