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File federal and state taxes for free Publication 939 - Main Content Table of Contents General Information Taxation of Periodic PaymentsInvestment in the Contract Expected Return Computation Under the General Rule How To Use Actuarial TablesUnisex Annuity Tables Special Elections Worksheets for Determining Taxable Annuity Actuarial Tables Requesting a Ruling on Taxation of Annuity How To Get Tax HelpLow Income Taxpayer Clinics General Information Some of the terms used in this publication are defined in the following paragraphs. File federal and state taxes for free A pension is generally a series of payments made to you after you retire from work. File federal and state taxes for free Pension payments are made regularly and are for past services with an employer. File federal and state taxes for free An annuity is a series of payments under a contract. File federal and state taxes for free You can buy the contract alone or you can buy it with the help of your employer. File federal and state taxes for free Annuity payments are made regularly for more than one full year. File federal and state taxes for free Note. File federal and state taxes for free Distributions from pensions and annuities follow the same rules as outlined in this publication unless otherwise noted. File federal and state taxes for free Types of pensions and annuities. File federal and state taxes for free   Particular types of pensions and annuities include: Fixed period annuities. File federal and state taxes for free You receive definite amounts at regular intervals for a definite length of time. File federal and state taxes for free Annuities for a single life. File federal and state taxes for free You receive definite amounts at regular intervals for life. File federal and state taxes for free The payments end at death. File federal and state taxes for free Joint and survivor annuities. File federal and state taxes for free The first annuitant receives a definite amount at regular intervals for life. File federal and state taxes for free After he or she dies, a second annuitant receives a definite amount at regular intervals for life. File federal and state taxes for free The amount paid to the second annuitant may or may not differ from the amount paid to the first annuitant. File federal and state taxes for free Variable annuities. File federal and state taxes for free You receive payments that may vary in amount for a definite length of time or for life. File federal and state taxes for free The amounts you receive may depend upon such variables as profits earned by the pension or annuity funds or cost-of-living indexes. File federal and state taxes for free Disability pensions. File federal and state taxes for free You are under minimum retirement age and receive payments because you retired on disability. File federal and state taxes for free If, at the time of your retirement, you were permanently and totally disabled, you may be eligible for the credit for the elderly or the disabled discussed in Publication 524. File federal and state taxes for free If your annuity starting date is after November 18, 1996, the General Rule cannot be used for the following qualified plans. File federal and state taxes for free A qualified employee plan is an employer's stock bonus, pension, or profit-sharing plan that is for the exclusive benefit of employees or their beneficiaries. File federal and state taxes for free This plan must meet Internal Revenue Code requirements. File federal and state taxes for free It qualifies for special tax benefits, including tax deferral for employer contributions and rollover distributions. File federal and state taxes for free However, you must use the General Rule if you were 75 or over and the annuity payments are guaranteed for more than 5 years. File federal and state taxes for free A qualified employee annuity is a retirement annuity purchased by an employer for an employee under a plan that meets Internal Revenue Code requirements. File federal and state taxes for free A tax-sheltered annuity is a special annuity plan or contract purchased for an employee of a public school or tax-exempt organization. File federal and state taxes for free   The General Rule is used to figure the tax treatment of various types of pensions and annuities, including nonqualified employee plans. File federal and state taxes for free A nonqualified employee plan is an employer's plan that does not meet Internal Revenue Code requirements. File federal and state taxes for free It does not qualify for most of the tax benefits of a qualified plan. File federal and state taxes for free Annuity worksheets. File federal and state taxes for free   The worksheets found near the end of the text of this publication may be useful to you in figuring the taxable part of your annuity. File federal and state taxes for free Request for a ruling. File federal and state taxes for free   If you are unable to determine the income tax treatment of your pension or annuity, you may ask the Internal Revenue Service to figure the taxable part of your annuity payments. File federal and state taxes for free This is treated as a request for a ruling. File federal and state taxes for free See Requesting a Ruling on Taxation of Annuity near the end of this publication. File federal and state taxes for free Withholding tax and estimated tax. File federal and state taxes for free   Your pension or annuity is subject to federal income tax withholding unless you choose not to have tax withheld. File federal and state taxes for free If you choose not to have tax withheld from your pension or annuity, or if you do not have enough income tax withheld, you may have to make estimated tax payments. File federal and state taxes for free Taxation of Periodic Payments This section explains how the periodic payments you receive under a pension or annuity plan are taxed under the General Rule. File federal and state taxes for free Periodic payments are amounts paid at regular intervals (such as weekly, monthly, or yearly) for a period of time greater than one year (such as for 15 years or for life). File federal and state taxes for free These payments are also known as amounts received as an annuity. File federal and state taxes for free If you receive an amount from your plan that is a nonperiodic payment (amount not received as an annuity), see Taxation of Nonperiodic Payments in Publication 575. File federal and state taxes for free In general, you can recover your net cost of the pension or annuity tax free over the period you are to receive the payments. File federal and state taxes for free The amount of each payment that is more than the part that represents your net cost is taxable. File federal and state taxes for free Under the General Rule, the part of each annuity payment that represents your net cost is in the same proportion that your investment in the contract is to your expected return. File federal and state taxes for free These terms are explained in the following discussions. File federal and state taxes for free Investment in the Contract In figuring how much of your pension or annuity is taxable under the General Rule, you must figure your investment in the contract. File federal and state taxes for free First, find your net cost of the contract as of the annuity starting date (defined later). File federal and state taxes for free To find this amount, you must first figure the total premiums, contributions, or other amounts paid. File federal and state taxes for free This includes the amounts your employer contributed if you were required to include these amounts in income. File federal and state taxes for free It also includes amounts you actually contributed (except amounts for health and accident benefits and deductible voluntary employee contributions). File federal and state taxes for free From this total cost you subtract: Any refunded premiums, rebates, dividends, or unrepaid loans (any of which were not included in your income) that you received by the later of the annuity starting date or the date on which you received your first payment. File federal and state taxes for free Any additional premiums paid for double indemnity or disability benefits. File federal and state taxes for free Any other tax-free amounts you received under the contract or plan before the later of the dates in (1). File federal and state taxes for free The annuity starting date   is the later of the first day of the first period for which you receive payment under the contract or the date on which the obligation under the contract becomes fixed. File federal and state taxes for free Example. File federal and state taxes for free On January 1 you completed all your payments required under an annuity contract providing for monthly payments starting on August 1, for the period beginning July 1. File federal and state taxes for free The annuity starting date is July 1. File federal and state taxes for free This is the date you use in figuring your investment in the contract and your expected return (discussed later). File federal and state taxes for free Adjustments If any of the following items apply, adjust (add or subtract) your total cost to find your net cost. File federal and state taxes for free Foreign employment. File federal and state taxes for free   If you worked abroad, your cost may include contributions by your employer to the retirement plan, but only if those contributions would be excludible from your gross income had they been paid directly to you as compensation. File federal and state taxes for free The contributions that apply are: Contributions before 1963 by your employer, Contributions after 1962 by your employer if the contributions would be excludible from your gross income (without regard to the foreign earned income exclusion) had they been paid directly to you, or Contributions after 1996 by your employer on your behalf if you performed the services of a foreign missionary (a duly ordained, commissioned, or licensed minister of a church or a lay person) if the contributions would be excludible from your gross income had they been paid directly to you. File federal and state taxes for free Foreign employment contributions while a nonresident alien. File federal and state taxes for free   In determining your cost, special rules apply if you are a U. File federal and state taxes for free S. File federal and state taxes for free citizen or resident alien who received distributions from a plan to which contributions were made while you were a nonresident alien. File federal and state taxes for free Your contributions and your employer's contributions are not included in your cost if the contributions: Were made based on compensation which was for services performed outside the United States which you were a nonresident alien, and Were not subject to income tax under the laws of the United States or any foreign country, but only if the contribution would have been subject to income tax if they had been paid as cash compensation when the services were performed. File federal and state taxes for free Death benefit exclusion. File federal and state taxes for free   If you are the beneficiary of a deceased employee (or former employee), who died before August 21, 1996, you may qualify for a death benefit exclusion of up to $5,000. File federal and state taxes for free The beneficiary of a deceased employee who died after August 20, 1996, will not qualify for the death benefit exclusion. File federal and state taxes for free How to adjust your total cost. File federal and state taxes for free   If you are eligible, treat the amount of any allowable death benefit exclusion as additional cost paid by the employee. File federal and state taxes for free Add it to the cost or unrecovered cost of the annuity at the annuity starting date. File federal and state taxes for free See Example 3 under Computation Under General Rule for an illustration of the adjustment to the cost of the contract. File federal and state taxes for free Net cost. File federal and state taxes for free   Your total cost plus certain adjustments and minus other amounts already recovered before the annuity starting date is your net cost. File federal and state taxes for free This is the unrecovered investment in the contract as of the annuity starting date. File federal and state taxes for free If your annuity starting date is after 1986, this is the maximum amount that you may recover tax free under the contract. File federal and state taxes for free Refund feature. File federal and state taxes for free   Adjustment for the value of the refund feature is only applicable when you report your pension or annuity under the General Rule. File federal and state taxes for free Your annuity contract has a refund feature if: The expected return ( discussed later) of an annuity depends entirely or partly on the life of one or more individuals, The contract provides that payments will be made to a beneficiary or the estate of an annuitant on or after the death of the annuitant if a stated amount or a stated number of payments has not been paid to the annuitant or annuitants before death, and The payments are a refund of the amount you paid for the annuity contract. File federal and state taxes for free   If your annuity has a refund feature, you must reduce your net cost of the contract by the value of the refund feature (figured using Table III or VII at the end of this publication, also see How To Use Actuarial Tables , later) to find the investment in the contract. File federal and state taxes for free Zero value of refund feature. File federal and state taxes for free   For a joint and survivor annuity, the value of the refund feature is zero if: Both annuitants are age 74 or younger, The payments are guaranteed for less than 2½ years, and The survivor's annuity is at least 50% of the first annuitant's annuity. File federal and state taxes for free   For a single-life annuity without survivor benefit, the value of the refund feature is zero if: The payments are guaranteed for less than 2½ years, and The annuitant is: Age 57 or younger (if using the new (unisex) annuity tables), Age 42 or younger (if male and using the old annuity tables), or Age 47 or younger (if female and using the old annuity tables). File federal and state taxes for free   If you do not meet these requirements, you will have to figure the value of the refund feature, as explained in the following discussion. File federal and state taxes for free Examples. File federal and state taxes for free The first example shows how to figure the value of the refund feature when there is only one beneficiary. File federal and state taxes for free Example 2 shows how to figure the value of the refund feature when the contract provides, in addition to a whole life annuity, one or more temporary life annuities for the lives of children. File federal and state taxes for free In both examples, the taxpayer elects to use Tables V through VIII. File federal and state taxes for free If you need the value of the refund feature for a joint and survivor annuity, write to the Internal Revenue Service as explained under Requesting a Ruling on Taxation of Annuity near the end of this publication. File federal and state taxes for free Example 1. File federal and state taxes for free At age 65, Barbara bought for $21,053 an annuity with a refund feature. File federal and state taxes for free She will get $100 a month for life. File federal and state taxes for free Barbara's contract provides that if she does not live long enough to recover the full $21,053, similar payments will be made to her surviving beneficiary until a total of $21,053 has been paid under the contract. File federal and state taxes for free In this case, the contract cost and the total guaranteed return are the same ($21,053). File federal and state taxes for free Barbara's investment in the contract is figured as follows: Net cost $21,053 Amount to be received annually $1,200   Number of years for which payment is guaranteed ($21,053 divided by $1,200) 17. File federal and state taxes for free 54   Rounded to nearest whole number of years 18   Percentage from Actuarial Table VII for age 65 with 18 years of guaranteed payments 15%   Value of the refund feature (rounded to the nearest dollar)—15% of $21,053 3,158 Investment in the contract, adjusted for value of refund feature $17,895       If the total guaranteed return were less than the $21,053 net cost of the contract, Barbara would apply the appropriate percentage from the tables to the lesser amount. File federal and state taxes for free For example, if the contract guaranteed the $100 monthly payments for 17 years to Barbara's estate or beneficiary if she were to die before receiving all the payments for that period, the total guaranteed return would be $20,400 ($100 × 12 × 17 years). File federal and state taxes for free In this case, the value of the refund feature would be $2,856 (14% of $20,400) and Barbara's investment in the contract would be $18,197 ($21,053 minus $2,856) instead of $17,895. File federal and state taxes for free Example 2. File federal and state taxes for free John died while still employed. File federal and state taxes for free His widow, Eleanor, age 48, receives $171 a month for the rest of her life. File federal and state taxes for free John's son, Elmer, age 9, receives $50 a month until he reaches age 18. File federal and state taxes for free John's contributions to the retirement fund totaled $7,559. File federal and state taxes for free 45, with interest on those contributions of $1,602. File federal and state taxes for free 53. File federal and state taxes for free The guarantee or total refund feature of the contract is $9,161. File federal and state taxes for free 98 ($7,559. File federal and state taxes for free 45 plus $1,602. File federal and state taxes for free 53). File federal and state taxes for free The adjustment in the investment in the contract is figured as follows: A) Expected return:*       1) Widow's expected return:         Annual annuity ($171 × 12) $2,052       Multiplied by factor from Table V         (nearest age 48) 34. File federal and state taxes for free 9 $71,614. File federal and state taxes for free 80   2) Child's expected return:         Annual annuity ($50 × 12) $600       Multiplied by factor from         Table VIII (nearest age 9         for term of 9 years) 9. File federal and state taxes for free 0 5,400. File federal and state taxes for free 00   3) Total expected return   $77,014. File federal and state taxes for free 80 B) Adjustment for refund feature:       1) Contributions (net cost) $7,559. File federal and state taxes for free 45   2) Guaranteed amount (contributions of $7,559. File federal and state taxes for free 45 plus interest of $1,602. File federal and state taxes for free 53) $9,161. File federal and state taxes for free 98   3) Minus: Expected return under child's (temporary life) annuity (A(2)) 5,400. File federal and state taxes for free 00   4) Net guaranteed amount $3,761. File federal and state taxes for free 98   5) Multiple from Table VII (nearest age 48 for 2 years duration (recovery of $3,761. File federal and state taxes for free 98 at $171 a month to nearest whole year)) 0%   6) Adjustment required for value of refund feature rounded to the nearest whole dollar  (0% × $3,761. File federal and state taxes for free 98, the smaller of B(3) or B(6)) 0 *Expected return is the total amount you and other eligible annuitants can expect to receive under the contract. File federal and state taxes for free See the discussion of expected return, later in this publication. File federal and state taxes for free Free IRS help. File federal and state taxes for free   If you need to request assistance to figure the value of the refund feature, see Requesting a Ruling on Taxation of Annuity near the end of this publication. File federal and state taxes for free Expected Return Your expected return is the total amount you and other eligible annuitants can expect to receive under the contract. File federal and state taxes for free The following discussions explain how to figure the expected return with each type of annuity. File federal and state taxes for free A person's age, for purposes of figuring the expected return, is the age at the birthday nearest to the annuity starting date. File federal and state taxes for free Fixed period annuity. File federal and state taxes for free   If you will get annuity payments for a fixed number of years, without regard to your life expectancy, you must figure your expected return based on that fixed number of years. File federal and state taxes for free It is the total amount you will get beginning at the annuity starting date. File federal and state taxes for free You will receive specific periodic payments for a definite period of time, such as a fixed number of months (but not less than 13). File federal and state taxes for free To figure your expected return, multiply the fixed number of months for which payments are to be made by the amount of the payment specified for each period. File federal and state taxes for free Single life annuity. File federal and state taxes for free   If you are to get annuity payments for the rest of your life, find your expected return as follows. File federal and state taxes for free You must multiply the amount of the annual payment by a multiple based on your life expectancy as of the annuity starting date. File federal and state taxes for free These multiples are set out in actuarial Tables I and V near the end of this publication (see How To Use Actuarial Tables , later). File federal and state taxes for free   You may need to adjust these multiples if the payments are made quarterly, semiannually, or annually. File federal and state taxes for free See Adjustments to Tables I, II, V, VI, and VIA following Table I. File federal and state taxes for free Example. File federal and state taxes for free Henry bought an annuity contract that will give him an annuity of $500 a month for his life. File federal and state taxes for free If at the annuity starting date Henry's nearest birthday is 66, the expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table V, age 66 × 19. File federal and state taxes for free 2 Expected return $115,200 If the payments were to be made to Henry quarterly and the first payment was made one full month after the annuity starting date, Henry would adjust the 19. File federal and state taxes for free 2 multiple by +. File federal and state taxes for free 1. File federal and state taxes for free His expected return would then be $115,800 ($6,000 × 19. File federal and state taxes for free 3). File federal and state taxes for free Annuity for shorter of life or specified period. File federal and state taxes for free   With this type of annuity, you are to get annuity payments either for the rest of your life or until the end of a specified period, whichever period is shorter. File federal and state taxes for free To figure your expected return, multiply the amount of your annual payment by a multiple in Table IV or VIII for temporary life annuities. File federal and state taxes for free Find the proper multiple based on your sex (if using Table IV), your age at the annuity starting date, and the nearest whole number of years in the specified period. File federal and state taxes for free Example. File federal and state taxes for free Harriet purchased an annuity this year that will pay her $200 each month for five years or until she dies, whichever period is shorter. File federal and state taxes for free She was age 65 at her birthday nearest the annuity starting date. File federal and state taxes for free She figures the expected return as follows: Annual payment ($200 × 12 months) $2,400 Multiple shown in Table VIII, age 65, 5-year term × 4. File federal and state taxes for free 9 Expected return $11,760 She uses Table VIII (not Table IV) because all her contributions were made after June 30, 1986. File federal and state taxes for free See Special Elections, later. File federal and state taxes for free Joint and survivor annuities. File federal and state taxes for free   If you have an annuity that pays you a periodic income for life and after your death provides an identical lifetime periodic income to your spouse (or some other person), you figure the expected return based on your combined life expectancies. File federal and state taxes for free To figure the expected return, multiply the annual payment by a multiple in Table II or VI based on your joint life expectancies. File federal and state taxes for free If your payments are made quarterly, semiannually, or annually, you may need to adjust these multiples. File federal and state taxes for free See Adjustments to Tables I, II, V, VI, and VIA following Table I near the end of this publication. File federal and state taxes for free Example. File federal and state taxes for free John bought a joint and survivor annuity providing payments of $500 a month for his life, and, after his death, $500 a month for the remainder of his wife's life. File federal and state taxes for free At John's annuity starting date, his age at his nearest birthday is 70 and his wife's at her nearest birthday is 67. File federal and state taxes for free The expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table VI, ages 67 and 70 × 22. File federal and state taxes for free 0 Expected return $132,000 Different payments to survivor. File federal and state taxes for free   If your contract provides that payments to a survivor annuitant will be different from the amount you receive, you must use a computation which accounts for both the joint lives of the annuitants and the life of the survivor. File federal and state taxes for free Example 1. File federal and state taxes for free Gerald bought a contract providing for payments to him of $500 a month for life and, after his death, payments to his wife, Mary, of $350 a month for life. File federal and state taxes for free If, at the annuity starting date, Gerald's nearest birthday is 70 and Mary's is 67, the expected return under the contract is figured as follows: Combined multiple for Gerald and Mary, ages 70 and 67 (from Table VI)   22. File federal and state taxes for free 0 Multiple for Gerald, age 70 (from Table V)   16. File federal and state taxes for free 0 Difference: Multiple applicable to Mary   6. File federal and state taxes for free 0 Gerald's annual payment ($500 × 12) $6,000   Gerald's multiple 16. File federal and state taxes for free 0   Gerald's expected return   $96,000 Mary's annual payment ($350 × 12) $4,200   Mary's multiple 6. File federal and state taxes for free 0   Mary's expected return   25,200 Total expected return under the contract   $121,200 Example 2. File federal and state taxes for free Your husband died while still employed. File federal and state taxes for free Under the terms of his employer's retirement plan, you are entitled to get an immediate annuity of $400 a month for the rest of your life or until you remarry. File federal and state taxes for free Your daughters, Marie and Jean, are each entitled to immediate temporary life annuities of $150 a month until they reach age 18. File federal and state taxes for free You were 50 years old at the annuity starting date. File federal and state taxes for free Marie was 16 and Jean was 14. File federal and state taxes for free Using the multiples shown in Tables V and VIII at the end of this publication, the total expected return on the annuity starting date is $169,680, figured as follows: Widow, age 50 (multiple from Table V—33. File federal and state taxes for free 1 × $4,800 annual payment) $158,880 Marie, age 16 for 2 years duration (multiple from Table VIII—2. File federal and state taxes for free 0 × $1,800 annual payment) 3,600 Jean, age 14 for 4 years duration (multiple from Table VIII—4. File federal and state taxes for free 0 × $1,800 annual payment) 7,200 Total expected return $169,680 No computation of expected return is made based on your husband's age at the date of death because he died before the annuity starting date. File federal and state taxes for free Computation Under the General Rule Note. File federal and state taxes for free Variable annuities use a different computation for determining the exclusion amounts. File federal and state taxes for free See Variable annuities later. File federal and state taxes for free Under the General Rule, you figure the taxable part of your annuity by using the following steps: Step 1. File federal and state taxes for free   Figure the amount of your investment in the contract, including any adjustments for the refund feature and the death benefit exclusion, if applicable. File federal and state taxes for free See Death benefit exclusion , earlier. File federal and state taxes for free Step 2. File federal and state taxes for free   Figure your expected return. File federal and state taxes for free Step 3. File federal and state taxes for free   Divide Step 1 by Step 2 and round to three decimal places. File federal and state taxes for free This will give you the exclusion percentage. File federal and state taxes for free Step 4. File federal and state taxes for free   Multiply the exclusion percentage by the first regular periodic payment. File federal and state taxes for free The result is the tax-free part of each pension or annuity payment. File federal and state taxes for free   The tax-free part remains the same even if the total payment increases due to variation in the annuity amount such as cost of living increases, or you outlive the life expectancy factor used. File federal and state taxes for free However, if your annuity starting date is after 1986, the total amount of annuity income that is tax free over the years cannot exceed your net cost. File federal and state taxes for free   Each annuitant applies the same exclusion percentage to his or her initial payment called for in the contract. File federal and state taxes for free Step 5. File federal and state taxes for free   Multiply the tax-free part of each payment (step 4) by the number of payments received during the year. File federal and state taxes for free This will give you the tax-free part of the total payment for the year. File federal and state taxes for free    In the first year of your annuity, your first payment or part of your first payment may be for a fraction of the payment period. File federal and state taxes for free This fractional amount is multiplied by your exclusion percentage to get the tax-free part. File federal and state taxes for free Step 6. File federal and state taxes for free   Subtract the tax-free part from the total payment you received. File federal and state taxes for free The rest is the taxable part of your pension or annuity. File federal and state taxes for free Example 1. File federal and state taxes for free You purchased an annuity with an investment in the contract of $10,800. File federal and state taxes for free Under its terms, the annuity will pay you $100 a month for life. File federal and state taxes for free The multiple for your age (age 65) is 20. File federal and state taxes for free 0 as shown in Table V. File federal and state taxes for free Your expected return is $24,000 (20 × 12 × $100). File federal and state taxes for free Your cost of $10,800, divided by your expected return of $24,000, equals 45. File federal and state taxes for free 0%. File federal and state taxes for free This is the percentage you will not have to include in income. File federal and state taxes for free Each year, until your net cost is recovered, $540 (45% of $1,200) will be tax free and you will include $660 ($1,200 − $540) in your income. File federal and state taxes for free If you had received only six payments of $100 ($600) during the year, your exclusion would have been $270 (45% of $100 × 6 payments). File federal and state taxes for free Example 2. File federal and state taxes for free Gerald bought a joint and survivor annuity. File federal and state taxes for free Gerald's investment in the contract is $62,712 and the expected return is $121,200. File federal and state taxes for free The exclusion percentage is 51. File federal and state taxes for free 7% ($62,712 ÷ $121,200). File federal and state taxes for free Gerald will receive $500 a month ($6,000 a year). File federal and state taxes for free Each year, until his net cost is recovered, $3,102 (51. File federal and state taxes for free 7% of his total payments received of $6,000) will be tax free and $2,898 ($6,000 − $3,102) will be included in his income. File federal and state taxes for free If Gerald dies, his wife will receive $350 a month ($4,200 a year). File federal and state taxes for free If Gerald had not recovered all of his net cost before his death, his wife will use the same exclusion percentage (51. File federal and state taxes for free 7%). File federal and state taxes for free Each year, until the entire net cost is recovered, his wife will receive $2,171. File federal and state taxes for free 40 (51. File federal and state taxes for free 7% of her payments received of $4,200) tax free. File federal and state taxes for free She will include $2,028. File federal and state taxes for free 60 ($4,200 − $2,171. File federal and state taxes for free 40) in her income tax return. File federal and state taxes for free Example 3. File federal and state taxes for free Using the same facts as Example 2 under Different payments to survivor, you are to receive an annual annuity of $4,800 until you die or remarry. File federal and state taxes for free Your two daughters each receive annual annuities of $1,800 until they reach age 18. File federal and state taxes for free Your husband contributed $25,576 to the plan. File federal and state taxes for free You are eligible for the $5,000 death benefit exclusion because your husband died before August 21, 1996. File federal and state taxes for free Adjusted Investment in the Contract Contributions $25,576 Plus: Death benefit exclusion 5,000 Adjusted investment in the contract $30,576 The total expected return, as previously figured (in Example 2 under Different payments to survivor), is $169,680. File federal and state taxes for free The exclusion percentage of 18. File federal and state taxes for free 0% ($30,576 ÷ $169,680) applies to the annuity payments you and each of your daughters receive. File federal and state taxes for free Each full year $864 (18. File federal and state taxes for free 0% × $4,800) will be tax free to you, and you must include $3,936 in your income tax return. File federal and state taxes for free Each year, until age 18, $324 (18. File federal and state taxes for free 0% × $1,800) of each of your daughters' payments will be tax free and each must include the balance, $1,476, as income on her own income tax return. File federal and state taxes for free Part-year payments. File federal and state taxes for free   If you receive payments for only part of a year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments received during the year. File federal and state taxes for free   If you receive amounts during the year that represent 12 payments, one for each month in that year, and an amount that represents payments for months in a prior year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments the amounts received represent. File federal and state taxes for free For instance, if you received amounts during the year that represent the 12 payments for that year plus an amount that represents three payments for a prior year, multiply that amount by the 15 (12 + 3) payments received that the year. File federal and state taxes for free   If you received a fractional payment, follow Step 5, discussed earlier. File federal and state taxes for free This gives you the tax-free part of your total payment. File federal and state taxes for free Example. File federal and state taxes for free On September 28, Mary bought an annuity contract for $22,050 that will give her $125 a month for life, beginning October 30. File federal and state taxes for free The applicable multiple from Table V is 23. File federal and state taxes for free 3 (age 61). File federal and state taxes for free Her expected return is $34,950 ($125 × 12 × 23. File federal and state taxes for free 3). File federal and state taxes for free Mary's investment in the contract of $22,050, divided by her expected return of $34,950, equals 63. File federal and state taxes for free 1%. File federal and state taxes for free Each payment received will consist of 63. File federal and state taxes for free 1% return of cost and 36. File federal and state taxes for free 9% taxable income, until her net cost of the contract is fully recovered. File federal and state taxes for free During the first year, Mary received three payments of $125, or $375, of which $236. File federal and state taxes for free 63 (63. File federal and state taxes for free 1% × $375) is a return of cost. File federal and state taxes for free The remaining $138. File federal and state taxes for free 37 is included in income. File federal and state taxes for free Increase in annuity payments. File federal and state taxes for free   The tax-free amount remains the same as the amount figured at the annuity starting date, even if the payment increases. File federal and state taxes for free All increases in the installment payments are fully taxable. File federal and state taxes for free   However, if your annuity payments are scheduled to increase at a definite date in the future you must figure the expected return for that annuity using the method described in section 1. File federal and state taxes for free 72-5(a)(5) of the regulations. File federal and state taxes for free Example. File federal and state taxes for free Joe's wife died while she was still employed and, as her beneficiary, he began receiving an annuity of $147 per month. File federal and state taxes for free In figuring the taxable part, Joe elects to use Tables V through VIII. File federal and state taxes for free The cost of the contract was $7,938, consisting of the sum of his wife's net contributions, adjusted for any refund feature. File federal and state taxes for free His expected return as of the annuity starting date is $35,280 (age 65, multiple of 20. File federal and state taxes for free 0 × $1,764 annual payment). File federal and state taxes for free The exclusion percentage is $7,938 ÷ $35,280, or 22. File federal and state taxes for free 5%. File federal and state taxes for free During the year he received 11 monthly payments of $147, or $1,617. File federal and state taxes for free Of this amount, 22. File federal and state taxes for free 5% × $147 × 11 ($363. File federal and state taxes for free 83) is tax free as a return of cost and the balance of $1,253. File federal and state taxes for free 17 is taxable. File federal and state taxes for free Later, because of a cost-of-living increase, his annuity payment was increased to $166 per month, or $1,992 a year (12 × $166). File federal and state taxes for free The tax-free part is still only 22. File federal and state taxes for free 5% of the annuity payments as of the annuity starting date (22. File federal and state taxes for free 5% × $147 × 12 = $396. File federal and state taxes for free 90 for a full year). File federal and state taxes for free The increase of $228 ($1,992 − $1,764 (12 × $147)) is fully taxable. File federal and state taxes for free Variable annuities. File federal and state taxes for free   For variable annuity payments, figure the amount of each payment that is tax free by dividing your investment in the contract (adjusted for any refund feature) by the total number of periodic payments you expect to get under the contract. File federal and state taxes for free   If the annuity is for a definite period, you determine the total number of payments by multiplying the number of payments to be made each year by the number of years you will receive payments. File federal and state taxes for free If the annuity is for life, you determine the total number of payments by using a multiple from the appropriate actuarial table. File federal and state taxes for free Example. File federal and state taxes for free Frank purchased a variable annuity at age 65. File federal and state taxes for free The total cost of the contract was $12,000. File federal and state taxes for free The annuity starting date is January 1 of the year of purchase. File federal and state taxes for free His annuity will be paid, starting July 1, in variable annual installments for his life. File federal and state taxes for free The tax-free amount of each payment, until he has recovered his cost of his contract, is: Investment in the contract $12,000 Number of expected annual payments (multiple for age 65 from Table V) 20 Tax-free amount of each payment ($12,000 ÷ 20) $600 If Frank's first payment is $920, he includes only $320 ($920 − $600) in his gross income. File federal and state taxes for free   If the tax-free amount for a year is more than the payments you receive in that year, you may choose, when you receive the next payment, to refigure the tax-free part. File federal and state taxes for free Divide the amount of the periodic tax-free part that is more than the payment you received by the remaining number of payments you expect. File federal and state taxes for free The result is added to the previously figured periodic tax-free part. File federal and state taxes for free The sum is the amount of each future payment that will be tax free. File federal and state taxes for free Example. File federal and state taxes for free Using the facts of the previous example about Frank, assume that after Frank's $920 payment, he received $500 in the following year, and $1,200 in the year after that. File federal and state taxes for free Frank does not pay tax on the $500 (second year) payment because $600 of each annual pension payment is tax free. File federal and state taxes for free Since the $500 payment is less than the $600 annual tax-free amount, he may choose to refigure his tax-free part when he receives his $1,200 (third year) payment, as follows: Amount tax free in second year $600. File federal and state taxes for free 00 Amount received in second year 500. File federal and state taxes for free 00 Difference $100. File federal and state taxes for free 00 Number of remaining payments after the first 2 payments (age 67, from Table V) 18. File federal and state taxes for free 4 Amount to be added to previously determined annual tax-free part ($100 ÷ 18. File federal and state taxes for free 4) $5. File federal and state taxes for free 43 Revised annual tax-free part for third and later years ($600 + $5. File federal and state taxes for free 43) $605. File federal and state taxes for free 43 Amount taxable in third year ($1,200 − $605. File federal and state taxes for free 43) $594. File federal and state taxes for free 57 If you choose to refigure your tax-free amount,   you must file a statement with your income tax return stating that you are refiguring the tax-free amount in accordance with the rules of section 1. File federal and state taxes for free 72–4(d)(3) of the Income Tax Regulations. File federal and state taxes for free The statement must also show the following information: The annuity starting date and your age on that date. File federal and state taxes for free The first day of the first period for which you received an annuity payment in the current year. File federal and state taxes for free Your investment in the contract as originally figured. File federal and state taxes for free The total of all amounts received tax free under the annuity from the annuity starting date through the first day of the first period for which you received an annuity payment in the current tax year. File federal and state taxes for free Exclusion Limits Your annuity starting date determines the total amount of annuity income that you can exclude from income over the years. File federal and state taxes for free Exclusion limited to net cost. File federal and state taxes for free   If your annuity starting date is after 1986, the total amount of annuity income that you can exclude over the years as a return of your cost cannot exceed your net cost (figured without any reduction for a refund feature). File federal and state taxes for free This is the unrecovered investment in the contract as of the annuity starting date. File federal and state taxes for free   If your annuity starting date is after July 1, 1986, any unrecovered net cost at your (or last annuitant's) death is allowed as a miscellaneous itemized deduction on the final return of the decedent. File federal and state taxes for free This deduction is not subject to the 2%-of-adjusted-gross-income limit. File federal and state taxes for free Example 1. File federal and state taxes for free Your annuity starting date is after 1986. File federal and state taxes for free Your total cost is $12,500, and your net cost is $10,000, taking into account certain adjustments. File federal and state taxes for free There is no refund feature. File federal and state taxes for free Your monthly annuity payment is $833. File federal and state taxes for free 33. File federal and state taxes for free Your exclusion ratio is 12% and you exclude $100 a month. File federal and state taxes for free Your exclusion ends after 100 months, when you have excluded your net cost of $10,000. File federal and state taxes for free Thereafter, your annuity payments are fully taxable. File federal and state taxes for free Example 2. File federal and state taxes for free The facts are the same as in Example 1, except that there is a refund feature, and you die after 5 years with no surviving annuitant. File federal and state taxes for free The adjustment for the refund feature is $1,000, so the investment in the contract is $9,000. File federal and state taxes for free The exclusion ratio is 10. File federal and state taxes for free 8%, and your monthly exclusion is $90. File federal and state taxes for free After 5 years (60 months), you have recovered tax free only $5,400 ($90 x 60). File federal and state taxes for free An itemized deduction for the unrecovered net cost of $4,600 ($10,000 net cost minus $5,400) may be taken on your final income tax return. File federal and state taxes for free Your unrecovered investment is determined without regard to the refund feature adjustment, discussed earlier, under Adjustments. File federal and state taxes for free Exclusion not limited to net cost. File federal and state taxes for free   If your annuity starting date was before 1987, you could continue to take your monthly exclusion for as long as you receive your annuity. File federal and state taxes for free If you choose a joint and survivor annuity, your survivor continues to take the survivor's exclusion figured as of the annuity starting date. File federal and state taxes for free The total exclusion may be more than your investment in the contract. File federal and state taxes for free How To Use Actuarial Tables In figuring, under the General Rule, the taxable part of your annuity payments that you are to get for the rest of your life (rather than for a fixed number of years), you must use one or more of the actuarial tables in this publication. File federal and state taxes for free Unisex Annuity Tables Effective July 1, 1986, the Internal Revenue Service adopted new annuity Tables V through VIII, in which your sex is not considered when determining the applicable factor. File federal and state taxes for free These tables correspond to the old Tables I through IV. File federal and state taxes for free In general, Tables V through VIII must be used if you made contributions to the retirement plan after June 30, 1986. File federal and state taxes for free If you made no contributions to the plan after June 30, 1986, generally you must use only Tables I through IV. File federal and state taxes for free However, if you received an annuity payment after June 30, 1986, you may elect to use Tables V through VIII (see Annuity received after June 30, 1986, later). File federal and state taxes for free Special Elections Although you generally must use Tables V through VIII if you made contributions to the retirement plan after June 30, 1986, and Tables I through IV if you made no contributions after June 30, 1986, you can make the following special elections to select which tables to use. File federal and state taxes for free Contributions made both before July 1986 and after June 1986. File federal and state taxes for free   If you made contributions to the retirement plan both before July 1986 and after June 1986, you may elect to use Tables I through IV for the pre-July 1986 cost of the contract, and Tables V through VIII for the post-June 1986 cost. File federal and state taxes for free (See the examples below. File federal and state taxes for free )    Making the election. File federal and state taxes for free Attach this statement to your income tax return for the first year in which you receive an annuity:    “I elect to apply the provisions of paragraph (d) of section 1. File federal and state taxes for free 72–6 of the Income Tax Regulations. File federal and state taxes for free ”   The statement must also include your name, address, social security number, and the amount of the pre-July 1986 investment in the contract. File federal and state taxes for free   If your investment in the contract includes post-June 1986 contributions to the plan, and you do not make the election to use Tables I through IV and Tables V through VIII, then you can only use Tables V through VIII in figuring the taxable part of your annuity. File federal and state taxes for free You must also use Tables V through VIII if you are unable or do not wish to determine the portions of your contributions which were made before July 1, 1986, and after June 30, 1986. File federal and state taxes for free    Advantages of election. File federal and state taxes for free In general, a lesser amount of each annual annuity payment is taxable if you separately figure your exclusion ratio for pre-July 1986 and post-June 1986 contributions. File federal and state taxes for free    If you intend to make this election, save your records that substantiate your pre-July 1986 and post-June 1986 contributions. File federal and state taxes for free If the death benefit exclusion applies (see discussion, earlier), you do not have to apportion it between the pre-July 1986 and the post-June 1986 investment in the contract. File federal and state taxes for free   The following examples illustrate the separate computations required if you elect to use Tables I through IV for your pre-July 1986 investment in the contract and Tables V through VIII for your post-June 1986 investment in the contract. File federal and state taxes for free Example 1. File federal and state taxes for free Bill, who is single, contributed $42,000 to the retirement plan and will receive an annual annuity of $24,000 for life. File federal and state taxes for free Payment of the $42,000 contribution is guaranteed under a refund feature. File federal and state taxes for free Bill is 55 years old as of the annuity starting date. File federal and state taxes for free For figuring the taxable part of Bill's annuity, he chose to make separate computations for his pre-July 1986 investment in the contract of $41,300, and for his post-June 1986 investment in the contract of $700. File federal and state taxes for free       Pre- July 1986   Post- June 1986 A. File federal and state taxes for free Adjustment for refund feature         1) Net cost $41,300   $700   2) Annual annuity—$24,000  ($41,300/$42,000 × $24,000) $23,600       ($700/$42,000 × $24,000)     $400   3) Guarantee under contract $41,300   $700   4) No. File federal and state taxes for free of years payments  guaranteed (rounded), A(3) ÷ A(2) 2   2   5) Applicable percentage from  Tables III and VII 1%   0%   6) Adjustment for value of refund  feature, A(5) × smaller of A(1)  or A(3) $413   $0 B. File federal and state taxes for free Investment in the contract         1) Net cost $41,300   $700   2) Minus: Amount in A(6) 413   0   3) Investment in the contract $40,887   $700 C. File federal and state taxes for free Expected return         1) Annual annuity receivable $24,000   $24,000   2) Multiples from Tables I and V 21. File federal and state taxes for free 7   28. File federal and state taxes for free 6   3) Expected return, C(1) × C(2) $520,800   $686,400 D. File federal and state taxes for free Tax-free part of annuity         1) Exclusion ratio as decimal,  B(3) ÷ C(3) . File federal and state taxes for free 079   . File federal and state taxes for free 001   2) Tax-free part, C(1) × D(1) $1,896   $24 The tax-free part of Bill's total annuity is $1,920 ($1,896 plus $24). File federal and state taxes for free The taxable part of his annuity is $22,080 ($24,000 minus $1,920). File federal and state taxes for free If the annuity starting date is after 1986, the exclusion over the years cannot exceed the net cost (figured without any reduction for a refund feature). File federal and state taxes for free Example 2. File federal and state taxes for free Al is age 62 at his nearest birthday to the annuity starting date. File federal and state taxes for free Al's wife is age 60 at her nearest birthday to the annuity starting date. File federal and state taxes for free The joint and survivor annuity pays $1,000 per month to Al for life, and $500 per month to Al's surviving wife after his death. File federal and state taxes for free The pre-July 1986 investment in the contract is $53,100 and the post-June 1986 investment in the contract is $7,000. File federal and state taxes for free Al makes the election described in Example 1 . File federal and state taxes for free For purposes of this example, assume the refund feature adjustment is zero. File federal and state taxes for free If an adjustment is required, IRS will figure the amount. File federal and state taxes for free See Requesting a Ruling on Taxation of Annuity near the end of this publication. File federal and state taxes for free       Pre-  July 1986   Post-  June 1986 A. File federal and state taxes for free Adjustment for refund feature         1) Net cost $53,100   $7,000   2) Annual annuity—$12,000  ($53,100/$60,100 × $12,000) $10,602       ($7,000/$60,100 × $12,000)     $1,398   3) Guaranteed under the contract $53,100   $7,000   4) Number of years guaranteed,  rounded, A(3) ÷ A(2) 5   5   5) Applicable percentages 0%   0%   6) Refund feature adjustment, A(5) × smaller of A(1) or A(3) 0   0 B. File federal and state taxes for free Investment in the contract         1) Net cost $53,100   $7,000   2) Refund feature adjustment 0   0   3) Investment in the contract adjusted for refund feature $53,100   $7,000 C. File federal and state taxes for free Expected return         1) Multiple for both annuitants from Tables II and VI 25. File federal and state taxes for free 4   28. File federal and state taxes for free 8   2) Multiple for first annuitant from Tables I and V 16. File federal and state taxes for free 9   22. File federal and state taxes for free 5   3) Multiple applicable to surviving annuitant, subtract C(2) from C(1) 8. File federal and state taxes for free 5   6. File federal and state taxes for free 3   4) Annual annuity to surviving annuitant $6,000   $6,000   5) Portion of expected return for surviving annuitant, C(4) × C(3) $51,000   $37,800   6) Annual annuity to first annuitant $12,000   $12,000   7) Plus: Portion of expected return for first annuitant, C(6) × C(2) $202,800   $270,000   8) Expected return for both annuitants, C(5) + C(7) $253,800   $307,800 D. File federal and state taxes for free Tax-free part of annuity         1) Exclusion ratio as a decimal, B(3) ÷ C(8) . File federal and state taxes for free 209   . File federal and state taxes for free 023   2) Retiree's tax-free part of annuity, C(6) × D(1) $2,508   $276   3) Survivor's tax-free part of annuity, C(4) × D(1) $1,254   $138 The tax-free part of Al's total annuity is $2,784 ($2,508 + $276). File federal and state taxes for free The taxable part of his annuity is $9,216 ($12,000 − $2,784). File federal and state taxes for free The exclusion over the years cannot exceed the net cost of the contract (figured without any reduction for a refund feature) if the annuity starting date is after 1986. File federal and state taxes for free After Al's death, his widow will apply the same exclusion percentages (20. File federal and state taxes for free 9% and 2. File federal and state taxes for free 3%) to her annual annuity of $6,000 to figure the tax-free part of her annuity. File federal and state taxes for free Annuity received after June 30, 1986. File federal and state taxes for free   If you receive an annuity payment after June 30, 1986, (regardless of your annuity starting date), you may elect to treat the entire cost of the contract as post-June 1986 cost (even if you made no post-June 1986 contributions to the plan) and use Tables V through VIII. File federal and state taxes for free Once made, you cannot revoke the election, which will apply to all payments during the year and in any later year. File federal and state taxes for free    Make the election by attaching the following statement to your income tax return. File federal and state taxes for free    “I elect, under section 1. File federal and state taxes for free 72–9 of the Income Tax Regulations, to treat my entire cost of the contract as a post-June 1986 cost of the plan. File federal and state taxes for free ”   The statement must also include your name, address, and social security number. File federal and state taxes for free   You should also indicate you are making this election if you are unable or do not wish to determine the parts of your contributions which were made before July 1, 1986, and after June 30, 1986. File federal and state taxes for free Disqualifying form of payment or settlement. File federal and state taxes for free   If your annuity starting date is after June 30, 1986, and the contract provides for a disqualifying form of payment or settlement, such as an option to receive a lump sum in full discharge of the obligation under the contract, the entire investment in the contract is treated as post-June 1986 investment in the contract. File federal and state taxes for free See regulations section 1. File federal and state taxes for free 72–6(d)(3) for additional examples of disqualifying forms of payment or settlement. File federal and state taxes for free You can find the Income Tax Regulations in many libraries and at Internal Revenue Service Offices. File federal and state taxes for free Worksheets for Determining Taxable Annuity Worksheets I and II. File federal and state taxes for free   Worksheets I and II follow for determining your taxable annuity under Regulations Section 1. File federal and state taxes for free 72–6(d)(6) Election. File federal and state taxes for free Worksheet I For Determining Taxable Annuity Under Regulations Section 1. File federal and state taxes for free 72-6(d)(6) Election For Single Annuitant With No Survivor Annuity               Pre-July 1986   Post-June 1986 A. File federal and state taxes for free   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. File federal and state taxes for free )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)   Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages* from Tables III and VII                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. File federal and state taxes for free If not, the IRS will calculate the refund feature percentage. File federal and state taxes for free             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. File federal and state taxes for free   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund feature:                   B(1) minus B(2)                             C. File federal and state taxes for free   Expected Return             1)   Annual Annuity:                   12 times monthly annuity**             2)   Expected return multiples from Tables I and V             3)     Expected return:                   C(1) times C(2)                             D. File federal and state taxes for free   Tax-Free Part of Annuity             1)     Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(3)             2)     Tax-free part of annuity:                   C(1) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. File federal and state taxes for free     Worksheet II For Determining Taxable Annuity Under Regulations Section 1. File federal and state taxes for free 72-6(d)(6) Election For Joint and Survivor Annuity               Pre-July 1986   Post-June 1986 A. File federal and state taxes for free   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. File federal and state taxes for free )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)     Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages*                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. File federal and state taxes for free If not, the IRS will calculate the refund feature percentage. File federal and state taxes for free             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. File federal and state taxes for free   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund future:                   B(1) minus B(2)                             C. File federal and state taxes for free   Expected Return             1)   Multiples for both annuitants, Tables II and VI             2)   Multiple for retiree. File federal and state taxes for free Tables I and VI             3)   Multiple for survivor:                   C(1) minus C(2)             4)   Annual annuity to survivor:                   12 times potential monthly rate for survivor**             5)   Expected return for survivor:                   C(3) times C(4)             6)   Annual annuity to retiree:                   12 times monthly rate for retiree**             7)   Expected return for retiree:                   C(2) times C(6)             8)   Total expected return:                   C(5) plus C(7)                             D. File federal and state taxes for free   Tax-Free Part of Annuity             1)   Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(8)             2)   Retiree's tax-free part of annuity:                   C(6) times D(1)             3)   Survivor's tax-free part of annuity, if surviving after death of retiree:                   C(4) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. File federal and state taxes for free   Actuarial Tables Please click here for the text description of the image. File federal and state taxes for free Actuarial Tables Please click here for the text description of the image. File federal and state taxes for free Actuarial Tables Please click here for the text description of the image. 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File federal and state taxes for free   Under the law in effect at the time this publication went to print, the IRS must charge a user fee for all ruling requests. File federal and state taxes for free You should call the IRS for the proper fee. File federal and state taxes for free A request solely for the value of the refund feature is not treated as a ruling request and requires no fee. File federal and state taxes for free Send your request to:     Internal Revenue Service  Attention: EP Letter Rulings P. File federal and state taxes for free O. File federal and state taxes for free Box 27063 McPherson Station Washington, DC 20038 The user fee is allowed as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit. File federal and state taxes for free When to make the request. File federal and state taxes for free   Please note that requests sent between February 1 and April 15 may experience some delay. File federal and state taxes for free We process requests in the order received, and we will reply to your request as soon as we can process it. File federal and state taxes for free If you do not receive your ruling by the required filing date, you may use Form 4868, Application for Automatic Extension of Time To File U. File federal and state taxes for free S. File federal and state taxes for free Individual Income Tax Return, to get an extension of time to file. File federal and state taxes for free Information you must furnish. File federal and state taxes for free   You must furnish the information listed below so the IRS can comply with your request. File federal and state taxes for free Failure to furnish the information will result in a delay in processing your request. File federal and state taxes for free Please send only copies of the following documents, as the IRS retains all material sent for its records: A letter explaining the question(s) you wish to have resolved or the information you need from the ruling. File federal and state taxes for free Copies of any documents showing distributions, annuity rates, and annuity options available to you. File federal and state taxes for free A copy of any Form 1099–R you received since your annuity began. File federal and state taxes for free A statement indicating whether you have filed your return for the year for which you are making the request. File federal and state taxes for free If you have requested an extension of time to file that return, please indicate the extension date. File federal and state taxes for free Your daytime phone number. File federal and state taxes for free Your current mailing address. File federal and state taxes for free A power of attorney if someone other than you, an attorney, a certified public accountant, or an enrolled agent is signing this request. File federal and state taxes for free Form 2848, Power of Attorney and Declaration of Representative, may be used for this purpose. File federal and state taxes for free A completed Tax Information Sheet (or facsimile) shown on the next page. File federal and state taxes for free Sign and date the Disclosure and Perjury Statement (or facsimile) at the end of the tax information sheet. File federal and state taxes for free This statement must be signed by the retiree or the survivor annuitant. File federal and state taxes for free It cannot be signed by a representative. File federal and state taxes for free Tax Information Sheet Please click here for the text description of the image. File federal and state taxes for free Tax Information Sheet Please click here for the text description of the image. File federal and state taxes for free Tax Information Sheet (continued) How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. File federal and state taxes for free Free help with your tax return. File federal and state taxes for free   You can get free help preparing your return nationwide from IRS-certified volunteers. File federal and state taxes for free The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. File federal and state taxes for free The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 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Tax Information For Partnerships

2008 Changes to Form 1065 - Frequently Asked Questions
Form 1065 has a number of changes for 2008. For example, Schedule B and Schedule K-1 require reporting of ownership percentages. The FAQ page on Form 1065 changes offers helpful examples.

Partnership - Audit Techniques Guide (ATG)
The focus is on issues that fall within sections 701 through 761 of the Code (Subchapter K). Subchapter K deals primarily with the formation, operation, and termination of partnerships. Many issues arise during the initial or final year of the partnership.

Starting a Business
If you’re considering starting a business, then start here. This section provides links to everything from a checklist for a new business to selecting a business structure and more.

Notification of Possible Filing Requirement
This reminder is being issued to alert partnerships that they may have an additional filing requirement with the Internal Revenue Service related to a foreign partner(s) on their partnership return.

Modernized e-file (MeF) for Partnerships
This web site provides an overview of electronic filing and more detailed information for those partnerships that prepare and transmit their own income tax returns using MeF. Partnerships that rely upon third party tax professionals to prepare and transmit their tax returns should consult their tax professional.

Partnerships
A partnership is the relationship existing between two or more persons who join to carry on a trade or business.

Publicly Traded Partnerships
This page contains information related to publicly traded partnerships that have effectively connected income, gain, or loss and who must pay withholding tax on any distributions of income made to its foreign partners.

Report of Foreign Bank and Financial Accounts (FBAR)
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

Page Last Reviewed or Updated: 30-Mar-2014

The File Federal And State Taxes For Free

File federal and state taxes for free Index A Accelerated death benefits, Accelerated Death Benefits Accounting periods Change in, standard deduction not allowed, Persons not eligible for the standard deduction. File federal and state taxes for free Accrued leave payment Disability retirement and, Accrued leave payment. File federal and state taxes for free Adjusted gross income (AGI), Adjustments to Income Adjustments to income, Adjustments to Income Age Standard deduction for age 65 or older, Higher standard deduction for age (65 or older). File federal and state taxes for free Age 65, Qualified Individual American Association of Retired Persons (AARP), Volunteer Income Tax Assistance and Tax Counseling for the Elderly. File federal and state taxes for free Annuities, Pensions and Annuities Assistance (see Tax help) B Base amount, social security benefits, Base Amount Benefits Accident or health, Other compensation. File federal and state taxes for free Long-term care, Long-Term Care Insurance Contracts No-fault insurance, Other compensation. File federal and state taxes for free Sickness and injury, Sickness and Injury Benefits Social security, Are Any of Your Benefits Taxable? Veterans', Veterans' benefits. File federal and state taxes for free Bequests, Gifts and inheritances. File federal and state taxes for free Blind persons Standard deduction for, Higher standard deduction for blindness. File federal and state taxes for free C Child and dependent care credit, Child and Dependent Care Credit Children Standard deduction for, Standard Deduction for Dependents Chronically ill persons, Chronically ill individual. File federal and state taxes for free Chronically ill, defined, Terminally or chronically ill defined. File federal and state taxes for free Compensation For services, Compensation for Services Loss or disfigurement, Other compensation. File federal and state taxes for free Contributions Foreign employment, Foreign employment contributions. File federal and state taxes for free Pension or annuity, Cost. File federal and state taxes for free Cost, pension or annuity, Cost. File federal and state taxes for free Credit Child and dependent care, Child and Dependent Care Credit Earned income, Earned Income Credit (EIC) The elderly or the disabled, Credit for the Elderly or the Disabled Credit for the elderly or the disabled, Credit for the Elderly or the Disabled D Death benefit, accelerated, Accelerated Death Benefits Decedents, Dependents. File federal and state taxes for free Standard deduction, Decedent's final return. File federal and state taxes for free Deductions Generally, Deductions Insurance premiums, Medical Insurance Premiums Itemized, Itemized Deductions Meals and lodging, Meals and Lodging Medical and dental, Medical and Dental Expenses Standard, Standard Deduction Dependents, Dependents. File federal and state taxes for free Standard deduction for, Standard Deduction for Dependents Disabilities, individuals with Ownership and use test, Exception to use test for individuals with a disability. File federal and state taxes for free Disability Person with, Persons with disabilities. File federal and state taxes for free Physician's statement, Physician's statement. File federal and state taxes for free Total and permanent, Permanent and total disability. File federal and state taxes for free Disability income, Disability Pensions, Other compensation. File federal and state taxes for free , Disability income. File federal and state taxes for free Distributions, retirement plan, Retirement Plan Distributions Drugs (see Medicines) Dual-status taxpayers Standard deduction, Persons not eligible for the standard deduction. File federal and state taxes for free E Early distributions, tax, Tax on Early Distributions Earned income credit, Earned Income Credit (EIC) Elderly or disabled credit, Credit for the Elderly or the Disabled Elderly persons Standard deduction for age 65 or older, Higher standard deduction for age (65 or older). File federal and state taxes for free Employment tax withholding, Reminders Employment taxes, Employment taxes. File federal and state taxes for free Endowment proceeds, Endowment Contract Proceeds Estimated tax, Tax Withholding and Estimated Tax, Estimated Tax, Who Must Make Estimated Tax Payments Excess accumulation, tax on, Tax on Excess Accumulation Exclusion, gain on sale of home, Maximum Amount of Exclusion F Federal Employees Compensation Act (FECA) payments, Federal Employees' Compensation Act (FECA). File federal and state taxes for free Filing requirements Decedents, Dependents. File federal and state taxes for free General requirements, General Requirements Surviving spouse, Surviving spouse. File federal and state taxes for free Final return for decedent Standard deduction, Decedent's final return. File federal and state taxes for free First-time homebuyer credit Recapture, Repaying the first-time homebuyer credit because you sold your home. File federal and state taxes for free Form, Credit for the Elderly or the Disabled, Physician's statement. File federal and state taxes for free 1099-R, Form 1099-R. File federal and state taxes for free , Form 1099-R. File federal and state taxes for free 5329, Form 5329. File federal and state taxes for free 8853, Accelerated Death Benefits Schedule R, Credit for the Elderly or the Disabled, Physician's statement. File federal and state taxes for free W-4P, Withholding. File federal and state taxes for free Free tax services, Free help with your tax return. File federal and state taxes for free G Gain on sale of home (see Sale of home) General rule, pension or annuity, Pensions and Annuities Gifts, Gifts and inheritances. File federal and state taxes for free H Help (see Tax help) Home care (see Nursing services) Home improvements, Home Improvements Home, sale of, Sale of Home Hospital services, Hospital Services Household help, Household Help I Income Adjustments, Adjustments to Income Disability, Disability Pensions, Disability income. File federal and state taxes for free Gross, defined, Gross income. File federal and state taxes for free Nontaxable, Taxable and Nontaxable Income Sale of home, Sale of Home Self-employment, Self-employed persons. File federal and state taxes for free Taxable, Taxable and Nontaxable Income Individual retirement arrangement (IRA) Adjustments to income, Individual Retirement Arrangement (IRA) Contributions and Deductions Contributions, Contributions. File federal and state taxes for free Deductible contribution, Deductible contribution. File federal and state taxes for free Distributions, Individual Retirement Arrangements (IRAs) Inheritances, Gifts and inheritances. File federal and state taxes for free Injury benefits, Sickness and Injury Benefits, Cost paid by you. File federal and state taxes for free Insurance Accident and health, Other compensation. File federal and state taxes for free , Medical Insurance Premiums Benefits, long-term care, Long-Term Care Insurance Contracts Benefits, no-fault insurance, Other compensation. File federal and state taxes for free Life insurance proceeds, Life Insurance Proceeds Proceeds paid after death, Life Insurance Proceeds Proceeds paid before death, Accelerated Death Benefits Insurance premiums for retired public safety officers, Insurance Premiums for Retired Public Safety Officers Itemized deductions, Itemized Deductions Married filing separately One spouse has itemized, Persons not eligible for the standard deduction. File federal and state taxes for free L Life insurance proceeds, Life Insurance Proceeds Long-term care, Long-Term Care Chronically ill individuals, Chronically ill individual. File federal and state taxes for free Maintenance and personal care services, Maintenance and personal care services. File federal and state taxes for free Qualified insurance contracts, Qualified long-term care insurance contracts. File federal and state taxes for free Qualified services, Qualified long-term care services. File federal and state taxes for free Long-term care insurance, Long-Term Care Insurance Contracts Loss or disfigurement compensation, Other compensation. File federal and state taxes for free Lump-sum distributions, Lump-sum distributions. File federal and state taxes for free Lump-sum election, social security, Lump-Sum Election M Maintenance and personal care services, Maintenance and personal care services. File federal and state taxes for free Married filing separately Itemized deductions One spouse has itemized so other must as well, Persons not eligible for the standard deduction. File federal and state taxes for free Married taxpayers Age 65 or older spouse Standard deduction, Spouse 65 or older or blind. File federal and state taxes for free Blind spouse Standard deduction, Spouse 65 or older or blind. File federal and state taxes for free Meals and lodging expenses, Meals and Lodging Medical expenses, Medical and Dental Expenses Medicare, Medicare Part A. File federal and state taxes for free , Medicare Part B. File federal and state taxes for free , Medicare Part D. File federal and state taxes for free Benefits, Medicare. File federal and state taxes for free Medicines, Medicines Imported, Imported medicines and drugs. File federal and state taxes for free Military retirement pay, Military Retirement Pay Minimum distributions, Tax on Excess Accumulation Minimum wage, Substantial gainful activity. File federal and state taxes for free Missing children, Reminders Mortgage assistance payments, Mortgage assistance payments. File federal and state taxes for free N Nonperiodic distributions, Nonperiodic Distributions Nonqualified use, Period of nonqualified use. File federal and state taxes for free Nonresident aliens Standard deduction, Persons not eligible for the standard deduction. File federal and state taxes for free Nontaxable income, Payments from a state fund for victims of crime. File federal and state taxes for free Accident or health insurance benefits, Other compensation. File federal and state taxes for free Bequests, Gifts and inheritances. File federal and state taxes for free Generally, Taxable and Nontaxable Income Gifts, Gifts and inheritances. File federal and state taxes for free Inheritances, Gifts and inheritances. File federal and state taxes for free Mortgage assistance payments, Mortgage assistance payments. File federal and state taxes for free No-fault insurance benefits, Other compensation. File federal and state taxes for free Nutrition program for elderly, Nutrition Program for the Elderly. File federal and state taxes for free Public assistance payments, Welfare benefits. File federal and state taxes for free Sickness and injury benefits, Sickness and Injury Benefits Veterans' benefits, Veterans' benefits. File federal and state taxes for free Winter energy use, Payments to reduce cost of winter energy use. 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File federal and state taxes for free Withholding Employment tax, Reminders Pensions and annuities, Withholding. File federal and state taxes for free Workers' compensation, Workers' Compensation Worksheets, social security, Which worksheet to use. File federal and state taxes for free Prev  Up     Home   More Online Publications