Are there any tax implications when purchasing a QLAC?

When an employee contributes to a QLAC, the contribution is made on a pre-tax basis. This means that the employee does not have to pay income tax on the contribution amount in the year it is made. However, when the annuity contract begins paying out income, it may be subject to income tax as well as taxes such as estate tax.

When must Form 1098-Q be filed with the IRS and furnished to participants?

Form 1098-Q must be filed with the IRS and furnished to participants annually, beginning with the year in which premiums for a contract are first paid.

Who is considered a beneficiary under paragraph (c)(1) or (c)(2) of Q&A-17?

A designated beneficiary, as defined in section 401(a)(9)-8, may be a beneficiary under paragraph (c)(1) or (c)(2) of Q&A-17.

Which types of retirement plans require the filing of Form 1098-Q if they offer a QLAC?

Plans described in section 401(a), 403(a), 403(b), 408 (other than a Roth IRA) or eligible governmental plans under section 457(b).

What happens to a QLAC upon the death of the employee?

Upon the death of an employee, their designated beneficiary (if any) will receive the proceeds from the QLAC. If there is no designated beneficiary, the deceased employee's estate will be the beneficiary. The beneficiary may elect to receive the funds as a lump sum or as periodic payments over their lifetime. Additionally, if the employee has not yet reached their annuity starting date, the QLAC will provide for a return of premiums.

What is the deadline for providing a return of premium payment to a participant's beneficiary?

The return of premium payment must be paid no later than the end of the calendar year following the calendar year in which the employee dies.

Can a QLAC be purchased outside of an employer-sponsored plan?

Yes, a QLAC can be purchased outside of an employer-sponsored plan. An individual can purchase a QLAC directly from an insurance company or financial institution. However, the purchase must meet the requirements outlined in section 401(a)(9) of the Internal Revenue Code to qualify as a QLAC.

What happens to a QLAC if the issuer goes bankrupt?

If an insurance company that issued a QLAC goes bankrupt, the employee's contributions and any earnings on those contributions are generally protected. The Employee Retirement Income Security Act of 1974 (ERISA) requires that employee contributions in a qualified retirement plan be held in a separate account from employer contributions. This means that the money is usually ring-fenced and should not be affected by the issuer's bankruptcy.

What is the maximum amount that can be contributed to a QLAC?

The maximum amount that can be contributed to a QLAC depends on various factors, such as the employee's age and the type of plan in which they participate. The Internal Revenue Service sets annual limits based on the plan year, which generally begins on January 1st and ends on December 31st. For example, for tax year 2022, the maximum contribution limit for a QLAC is $140,000.

What is a qualified longevity annuity contract (QLAC)?

A QLAC is an annuity contract that meets the requirements of section 401(a)(9) of the Internal Revenue Code. It allows employees to make additional pre-tax contributions to their 401(a), 403(b), or 457(b) plans, and the funds are used to purchase an annuity contract that begins paying a guaranteed income stream at a future date, such as age 80 or 85. The QLAC must meet certain requirements, including being issued by an insurance company or other financial institution, having a minimum interest rate, and providing for a return of premiums in the event of death before the annuity starting date.

Obrazac 1098-Q

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Obrazac 1098-Q (Rev. Prosinac 2019.)

Informacije o ugovoru o kvalificiranoj anuiteti za dugo

Form 1098-Q is used by issuers to report annuity payments made from a Qualified Longevity Annuity Contract (QLAC). The form must be furnished to the participant and the IRS by January 31 following the calendar year in which the annuity payments were made. This instruction sheet explains how to complete Form 1098-Q.

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Obrazac 1098-Q Upute - Upute za obrazac 1098-Q (Rev. Decembar 2019.)

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Obrazac 1098-Q

PITANJA

Are there any tax implications when purchasing a QLAC?

When an employee contributes to a QLAC, the contribution is made on a pre-tax basis. This means that the employee does not have to pay income tax on the contribution amount in the year it is made. However, when the annuity contract begins paying out income, it may be subject to income tax as well as taxes such as estate tax.
When must Form 1098-Q be filed with the IRS and furnished to participants?

Form 1098-Q must be filed with the IRS and furnished to participants annually, beginning with the year in which premiums for a contract are first paid.
Who is considered a beneficiary under paragraph (c)(1) or (c)(2) of Q&A-17?

A designated beneficiary, as defined in section 401(a)(9)-8, may be a beneficiary under paragraph (c)(1) or (c)(2) of Q&A-17.
Which types of retirement plans require the filing of Form 1098-Q if they offer a QLAC?

Plans described in section 401(a), 403(a), 403(b), 408 (other than a Roth IRA) or eligible governmental plans under section 457(b).
What happens to a QLAC upon the death of the employee?

Upon the death of an employee, their designated beneficiary (if any) will receive the proceeds from the QLAC. If there is no designated beneficiary, the deceased employee's estate will be the beneficiary. The beneficiary may elect to receive the funds as a lump sum or as periodic payments over their lifetime. Additionally, if the employee has not yet reached their annuity starting date, the QLAC will provide for a return of premiums.
What is the deadline for providing a return of premium payment to a participant's beneficiary?

The return of premium payment must be paid no later than the end of the calendar year following the calendar year in which the employee dies.
Can a QLAC be purchased outside of an employer-sponsored plan?

Yes, a QLAC can be purchased outside of an employer-sponsored plan. An individual can purchase a QLAC directly from an insurance company or financial institution. However, the purchase must meet the requirements outlined in section 401(a)(9) of the Internal Revenue Code to qualify as a QLAC.
What happens to a QLAC if the issuer goes bankrupt?

If an insurance company that issued a QLAC goes bankrupt, the employee's contributions and any earnings on those contributions are generally protected. The Employee Retirement Income Security Act of 1974 (ERISA) requires that employee contributions in a qualified retirement plan be held in a separate account from employer contributions. This means that the money is usually ring-fenced and should not be affected by the issuer's bankruptcy.
What is the maximum amount that can be contributed to a QLAC?

The maximum amount that can be contributed to a QLAC depends on various factors, such as the employee's age and the type of plan in which they participate. The Internal Revenue Service sets annual limits based on the plan year, which generally begins on January 1st and ends on December 31st. For example, for tax year 2022, the maximum contribution limit for a QLAC is $140,000.
What is a qualified longevity annuity contract (QLAC)?

A QLAC is an annuity contract that meets the requirements of section 401(a)(9) of the Internal Revenue Code. It allows employees to make additional pre-tax contributions to their 401(a), 403(b), or 457(b) plans, and the funds are used to purchase an annuity contract that begins paying a guaranteed income stream at a future date, such as age 80 or 85. The QLAC must meet certain requirements, including being issued by an insurance company or other financial institution, having a minimum interest rate, and providing for a return of premiums in the event of death before the annuity starting date.

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Porezni obrasci

Obrazac 1098-Q je jedan od poreznih obrazaca koji su dokumenti koji se koriste za prijavu prihoda, odbitaka i poreznih obveza relevantnom poreznom tijelu. Ovi su obrasci bitan dio procesa podnošenja poreznih prijava i koriste se kako bi se osiguralo da pojedinci i tvrtke poštuju porezne zakone i točno izračunaju svoje porezne obveze.

Posebni potrebni porezni obrasci mogu se razlikovati ovisno o čimbenicima kao što su status prijave pojedinca, izvori prihoda i porezni zakoni zemlje. Međutim, evo nekih uobičajenih vrsta poreznih obrazaca:

Obrasci za porez na dohodak pojedinaca: Ovi se obrasci, poput serije 1040 u Sjedinjenim Državama, koriste pojedincima da prijave svoje prihode, traže odbitke i kredite te izračunaju svoje porezne obveze.

Poslovni porezni obrasci: Tvrtke, uključujući samostalne poduzetnike, partnerstva, korporacije i samozaposlene pojedince, možda će morati podnijeti različite obrasce za prijavu svojih prihoda, troškova i dugovanih poreza. Primjeri uključuju Prilog C (Dobit ili gubitak od poslovanja) i Obrazac 1120 (Prijava poreza na dobit korporacija u SAD-u).

Porezni obrasci za zaposlenje: Poslodavci su dužni prijaviti plaće zaposlenika te zadržati i doznačiti poreze na plaće. U tu svrhu koriste se obrasci kao što su W-2 (Izjava o plaći i porezu) i 941 (Kvartalna prijava saveznog poreza poslodavca).

Obrasci za investicijske i mirovinske račune: Ovi se obrasci koriste za prijavu prihoda od ulaganja, kapitalnih dobitaka i gubitaka, kao i doprinosa i raspodjela s mirovinskih računa. Primjeri uključuju obrazac 1099-DIV (Dividende i raspodjele) i Obrazac 5498 (Informacije o doprinosu IRA-e).

Obrasci za porez na nekretnine i darove: kada osoba premine ili da značajne darove, posebni obrasci kao što je Obrazac 706 (Povrat poreza na imovinu Sjedinjenih Država (i Generation-Skipping Transfer)) i Obrazac 709 (United States Gift (and Generation- Skipping Transfer) Tax Return) koriste se za prijavu i izračun svih primjenjivih poreza na nekretnine ili darove.

Važno je napomenuti da se porezni zakoni i obrasci mogu mijenjati tijekom vremena, pa bi se pojedinci i tvrtke trebali posavjetovati s nadležnim poreznim tijelima ili potražiti profesionalni porezni savjet kako bi osigurali usklađenost s trenutačnim zahtjevima.

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