Instructions for Form REV-1514 Schedule K Life Estate, Annuity & Term Certain - Pennsylvania

Form REV-1514 Schedule K Life Estate, Annuity & Term Certain - Pennsylvania

This document contains official instructions for Form REV-1514 Schedule K, Life Estate, Annuity & Term Certain - a form released and collected by the Pennsylvania Department of Revenue. An up-to-date fillable Form REV-1514 Schedule K is available for download through this link.

FAQ

Q: What is Form REV-1514 Schedule K?
A: Form REV-1514 Schedule K is a tax form used in Pennsylvania to report income from life estate, annuity, and term certain arrangements.

Q: What is a life estate?
A: A life estate is a legal arrangement in which someone has the right to use or live in a property for the duration of their lifetime.

Q: What is an annuity?
A: An annuity is a financial product that provides a series of regular payments in exchange for an initial lump sum of money.

Q: What is term certain?
A: Term certain refers to an arrangement where a fixed amount is paid for a specified period of time, regardless of whether the annuitant is alive or not.

Q: Who needs to file Form REV-1514 Schedule K?
A: Anyone who has income from a life estate, annuity, or term certain arrangement in Pennsylvania needs to file this form.

Q: When is Form REV-1514 Schedule K due?
A: The due date for filing Form REV-1514 Schedule K is usually the same as the due date for your Pennsylvania state income tax return, which is April 15th.