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483001p DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 602 TD 9673 Longevity Annuity Contracts IN 1545BK23 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations.
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QLAC stands for Qualifying Longevity Annuity Contract. It is the latest update on annuities that provide guaranteed income for life.
Individuals who hold a qualified retirement account, such as a 401(k) or IRA, are required to file a QLAC.
To fill out a QLAC, individuals must work with a financial advisor or insurance agent to purchase the annuity contract.
The purpose of a QLAC is to help individuals secure a source of lifetime income in retirement.
Information such as the amount invested in the QLAC, the age of the annuitant, and the income start date must be reported on a QLAC.
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