(a) Requirement of reportingAny person who makes a charge against the cash value of an annuity contract, or the cash surrender value of a life insurance contract, which is excludible from gross income under section 72(e)(11) shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth—(1) the amount of the aggregate of such charges against each such contract for the calendar year,
(2) the amount of the reduction in the investment in each such contract by reason of such charges, and
(3) the name, address, and TIN of the individual who is the holder of each such contract.
(b) Statements to be furnished to persons with respect to whom information is requiredEvery person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing—(1) the name, address, and phone number of the information contact of the person making the payments, and
(2) the information required to be shown on the return with respect to such individual.
The written statement required under the preceding sentence shall be furnished to the individual on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
(Added Pub. L. 109–280, title VIII, § 844(d)(1), Aug. 17, 2006, 120 Stat. 1012.)
Statutory Notes and Related Subsidiaries
Effective DateSection applicable to contracts issued after Dec. 31, 1996, but only with respect to taxable years beginning after Dec. 31, 2009, and to charges made after Dec. 31, 2009, see section 844(g)(1), (3) of Pub. L. 109–280, set out as an Effective Date of 2006 Amendment note under section 72 of this title.