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 Instructions 1098 T  Form 2015

2015-2025 Form

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Instructions and help about Instructions 1098 T Form

video we'll be going over IRS form 1098-q qualifying longevity annuity contract information this is an informational return that's issued by any company that is uh entered into a uh annuity contract specifically a qualifying longevity annuity contract with a participant uh also known as a CAC so if you've received a form 1098-q that means that you own a qac and there are a couple of things that you should be aware of first of all this tax form has nothing to do with the tax implications of your annuity payments uh at some point when you start receiving payments from your qac uh you will have to pay taxes on that tax taxable income however uh form 1098-q simply is reporting to you the amount that you've paid into the annuity and the fair market value of that annuity at the end of the tax year you don't need to do anything with this for your tax return uh the only time that you will be uh expected to do something is when you start actually receivin

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