1098-Q (QLAC) form and Tax Software

[sdawson]

I used a portion of my 401K savings to purchase a QLAC last September.

I have received from 1098-Q (Qualifying Longevity Annuity Contract Information) from the insurance company.

It lists the premium in box 3 and the fair market value in box 4.

The annuity start date is listed as 4/1/2041.

There were no distributions of course.

Which brings me to the question -- what tax software supports the 1098-Q? I searched my last years H&R Block (Deluxe) software and 1098-Q does not show anywhere.

What is to be done with this 1098-Q and is there tax software which guides the input of this information?

What have folks done with their 1098-Q form when they have purchased a QLAC?

 

[Souschef]

IRS Form 1098-Q is an informational form for
Qualifying Longevity Annuity Contracts (QLACs) held in retirement plans or IRAs, reporting annual premium payments and contract value to the IRS. It helps track QLAC status to exclude them from Required Minimum Distributions (RMDs) until payments begin. No tax action is typically needed by taxpayers.

 

[RetiredHappy]

My understanding is that you don't do anything with it until it is in payout phase, i.e. 4/1/2041.