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IRS Form 1098-Q 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.
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 the 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.
Download IRS Form 1098-Q Qualifying Longevity Annuity Contract Information
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