f1098q.pdf

Here are the key points summarized:

Form 1098-Q: Qualifying Longevity Annuity Contract Information

• Issued by an insurance company or other issuer of qualifying longevity annuity contracts (QLACs)
• Reports information about QLACs purchased by individuals
• Key points:
  • Report cumulative total amount of premiums paid for the contract
  • Report fair market value (FMV) of the QLAC as of December 31 of the reporting year
  • Report the date and amount of each premium payment made during the reporting year
  • Note: Beginning in 2020, cumulative total premiums paid cannot exceed $135,000

For Issuer

• Use current General Instructions for Certain Information Returns and Form 1098-Q instructions to complete the form
• File electronically using software that generates a file according to Pub. 1220 specifications
• Need help? Call information reporting customer service site toll free at 866-455-7438 or 304-263-8700 (not toll-free)

For Participant

• Receive a copy of the Form 1098-Q from your issuer
• Review the form to ensure accuracy and completeness

Please note that this is a summary of key points, and it's not a comprehensive guide. For more information, please refer to the IRS website or consult with a tax professional.