(Rev. December 2025)

Future Developments

Publication 939

(Rev. December 2025)

General Rule

for Pensions

and Annuities

For the latest information about developments related to

Pub. 939, such as legislation enacted after it was

published, go to IRS.gov/Pub939.

What’s New

Electronic payments. The IRS recommends paying

electronically whenever possible. Options to pay

electronically include using your bank account with Direct

Pay, your debit or credit card, your digital wallet, or your

online account. Go to IRS.gov/Payments to see all your

payment options.

Reminders

Net Investment Income Tax (NIIT). Distributions from

an annuity under a nonqualified plan are considered net

investment income for the purpose of figuring the NIIT. For

more information, see the Instructions for Form 8960, Net

Investment Income Tax—Individuals, Estates, and Trusts.

Introduction

This publication gives you the information you need to determine the tax treatment of your pension and annuity income under the General Rule. Generally, each of your

monthly annuity payments is made up of two parts: the

tax-free part that is a return of your net cost, and the taxable balance.

What is the General Rule? The General Rule is one of

the two methods used to figure the tax-free part of each

annuity payment based on the ratio of your investment in

the contract to the total expected return. The other method

is the Simplified Method, which is discussed in Pub. 575,

Pension and Annuity Income.

Who must use the General Rule. Use this publication if

you receive pension or annuity payments from:

1. A nonqualified plan (such as a private annuity, a purchased commercial annuity, or a nonqualified employee plan); or

2. A qualified plan if:

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a. Your annuity starting date is before November 19,

1996 (and after July 1, 1986), and you don’t qualify to use, or didn’t choose to use, the Simplified

Method; or

b. Your annuity starting date is after November 18,

1996, and as of that date you are age 75 or over

and the annuity payments are guaranteed for at

least 5 years.

Publication 939 (Rev. 12-2025) Catalog Number 10686K

Department of the Treasury Internal Revenue Service www.irs.gov

Tip: If your annuity starting date was between July 1,

1986, and November 19, 1996, you were able to elect to

use the Simplified Method or the General Rule. This

choice is irrevocable and applied to all later annuity payments.

The following are qualified plans.

• A qualified employee plan.

• A qualified employee annuity.

• A tax-sheltered annuity (TSA) plan or contract.

Simplified Method. If you receive pension or annuity

payments from a qualified plan and you aren’t required to

use the General Rule, you must use the Simplified Method

to determine the tax-free part of each annuity payment.

This method is described in Pub. 575.

Also, if, at the time the annuity payments began, you

were at least age 75 and were entitled to annuity payments from a qualified plan with fewer than 5 years of

guaranteed payments, you must use the Simplified

Method.

Topics not covered in this publication. Certain topics

related to pensions and annuities aren’t covered in this

publication. They include the following.

• Simplified Method. This method is generally used to

determine the tax treatment of pension and annuity income from a qualified plan and is covered in Pub. 575.

That publication also covers nonperiodic payments

(amounts not received as an annuity) from a qualified

pension or annuity plan, rollovers, special averaging

and capital gain treatment of lump-sum distributions,

and special additional taxes on early distributions, corrective distributions, and excess accumulations (not

making required minimum distributions).

• Individual retirement arrangements (IRAs). Information on the tax treatment of amounts you receive

from an IRA is included in Pub. 590-B, Distributions

from Individual Retirement Arrangements (IRAs).

• Life insurance payments. If you receive life insur-

ance payments because of the death of the insured

person, see Pub. 525, Taxable and Nontaxable Income, for information on the tax treatment of the proceeds.

• Civil service retirement benefits. If you are retired

from the federal government (regular, phased, or disability retirement) or are the survivor or beneficiary of a

federal employee or retiree who died, see Pub. 721,

Tax Guide to U.S. Civil Service Retirement Benefits.

Pub. 721 covers the tax treatment of federal retirement

benefits, primarily those paid under the Civil Service

Retirement System (CSRS) or the Federal Employees'

Retirement System (FERS). It also covers benefits

paid from the Thrift Savings Plan (TSP).

• Social security and equivalent tier 1 railroad re-

tirement benefits. For information about the tax treatment of these benefits, see Pub. 915, Social Security

and Equivalent Railroad Retirement Benefits. Pub. 575

covers the tax treatment of the non-social security

equivalent benefit portion of tier 1 railroad retirement

2

benefits, tier 2 benefits, vested dual benefits, and supplemental annuity benefits paid by the U.S. Railroad

Retirement Board.

• Tax-sheltered annuity plans (403(b) plans). If you

work for a public school or certain tax-exempt organizations, you may be eligible to participate in a 403(b)

retirement plan offered by your employer. Although

this publication covers the treatment of benefits under

403(b) plans and discusses in-plan Roth rollovers

from 403(b) plans to designated Roth accounts, it

doesn’t cover other tax provisions that apply to these

plans. For that and other information on 403(b) plans,

see Pub. 571, Tax-Sheltered Annuity Plans (403(b)

Plans) For Employees of Public Schools and Certain

Tax-Exempt Organizations.

Help from the IRS. If, after reading this publication, you

need help to figure the taxable part of your pension or annuity, the IRS can do it for you for a fee. For information on

this service, see Requesting a Ruling on Taxation of Annuity, later.

Comments and suggestions. We welcome your comments about this publication and suggestions for future

editions.

You can send us comments through IRS.gov/

FormComments. Or, you can write to the Internal Revenue

Service, Tax Forms and Publications, 1111 Constitution

Ave. NW, IR-6526, Washington, DC 20224.

Although we can’t respond individually to each comment received, we do appreciate your feedback and will

consider your comments and suggestions as we revise

our tax forms, instructions, and publications. Don’t send

tax questions, tax returns, or payments to the above address.

Getting answers to your tax questions. If you have

a tax question not answered by this publication or the How

To Get Tax Help section at the end of this publication, go

to the IRS Interactive Tax Assistant page at IRS.gov/

Help/ITA where you can find topics by using the search

feature or viewing the categories listed.

Getting tax forms, instructions, and publications.

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forms, instructions, and publications.

Ordering tax forms, instructions, and publications.

Go to IRS.gov/OrderForms to order current forms, instructions, and publications; call 800-829-3676 to order

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Don’t resubmit requests you’ve already sent us. You can

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Useful Items

You may want to see:

Publication

505 Tax Withholding and Estimated Tax

505

525 Taxable and Nontaxable Income

525

Publication 939 (12-2025)

571 Tax-Sheltered Annuity Plans (403(b) Plans)

571

575 Pension and Annuity Income

575

590-A Contributions to Individual Retirement

Arrangements (IRAs)

590-A

590-B Distributions from Individual Retirement

Arrangements (IRAs)

590-B

721 Tax Guide to U.S. Civil Service Retirement

Benefits

721

915 Social Security and Equivalent Railroad

Retirement Benefits

915

Form (and Instructions)

1099-R Distributions From Pensions, Annuities,

Retirement or Profit-Sharing Plans, IRAs,

Insurance Contracts, etc.

1099-R

Schedule R (Form 1040) Credit for the Elderly or

the Disabled.

Schedule R (Form 1040)

See How To Get Tax Help, near the end of this publication,

for information about getting publications and forms.

General Information

Some of the terms used in this publication are defined in

the following paragraphs.

Pension. A pension is generally a series of definitely

determinable payments made to you after you retire from

work. Pension payments are made regularly and are

based on such factors as years of service and prior compensation.

Annuity. An annuity is a series of payments under a

contract made at regular intervals over a period of more

than 1 full year. They can be either fixed (under which you

receive a definite amount) or variable (not fixed). You can

buy the contract alone or with the help of your employer.

Note: Distributions from pensions and annuities follow

the same rules as outlined in this publication unless otherwise noted.

Types of pensions and annuities. Pensions and annuities include the following types.

1. Fixed period annuities. You receive definite

amounts at regular intervals for a specified length of

time.

2. Annuities for a single life. You receive definite

amounts at regular intervals for life. The payments

end at death.

3. Joint and survivor annuities. The first annuitant receives a definite amount at regular intervals for life. After they die, a second annuitant receives a definite

amount at regular intervals for life. The amount paid to

the second annuitant may or may not differ from the

amount paid to the first annuitant.

4. Variable annuities. You receive payments that may

vary in amount for a definite length of time or for life.

Publication 939 (12-2025)

The amounts you receive may depend upon such variables as profits earned by the pension or annuity

funds or cost-of-living indexes, or earnings from a mutual fund.

5. Disability pensions. You are under minimum retirement age and receive payments because you retired

on disability. 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 the Instructions for Schedule R (Form 1040), Credit

for the Elderly or the Disabled.

If your annuity starting date is after November 18, 1996,

the General Rule cannot be used for the following qualified plans.

• A qualified employee plan is an employer's stock bo-

nus, pension, or profit-sharing plan that is for the exclusive benefit of employees or their beneficiaries.

This plan must meet Internal Revenue Code requirements. It qualifies for special tax benefits, including tax

deferral for employer contributions and rollover distributions. However, you must use the General Rule if

you were 75 or over and the annuity payments are

guaranteed for more than 5 years.

• A qualified employee annuity is a retirement annuity

purchased by an employer for an employee under a

plan that meets Internal Revenue Code requirements.

• A tax-sheltered annuity is a special annuity plan or

contract purchased for an employee of a public school

or tax-exempt organization.

The General Rule

The General Rule is used to figure the tax treatment of

various types of pensions and annuities, including nonqualified employee plans. A nonqualified employee plan is

an employer’s plan that doesn’t meet Internal Revenue

Code requirements. It doesn’t qualify for most of the tax

benefits of a qualified plan. Under the General Rule, the

tax-free part of each annuity payment is based on the ratio

of your investment in the contract to the total expected return.

Caution: Beginning in 2013, distributions from an annuity under a nonqualified plan are considered net investment income for the purpose of figuring the net investment

income tax (NIIT). For more information, see the Instructions for Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts.

Annuity worksheets. 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.

Request for a ruling. If you are unable to determine the

income tax treatment of your pension or annuity, you may

ask the IRS to figure the taxable part of your annuity payments. This is treated as a request for a ruling. See Requesting a Ruling on Taxation of Annuity near the end of

this publication.

3

Withholding tax and estimated tax. Your pension or

annuity is subject to federal income tax withholding unless

you choose not to have tax withheld. If you choose not to

have tax withheld from your pension or annuity, or if you

don’t have enough income tax withheld, you may have to

make estimated tax payments. See Pub. 505.

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. Periodic payments are amounts paid at regular intervals (such as weekly, monthly, or yearly) for a period of time greater than 1 year (such as for 15 years or for

life). These payments are also known as amounts received as an annuity.

Tip: 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 Pub. 575.

In general, you can recover your net cost of the pension

or annuity tax free over the period you are to receive the

payments. The amount of each payment that is more than

the part that represents your net cost is taxable. 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. These

terms are explained in the following discussions.

Investment in the Contract

Distributions from your pension or annuity plan may include amounts treated as a recovery of your cost (investment in the contract). If any part of a distribution is treated

as a recovery of your cost, that part is tax free.

In figuring how much of your pension or annuity is taxable under the General Rule, you must figure your investment in the contract.

First, find your net cost of the contract as of the annuity

starting date (defined later). To find this amount, you must

first figure the total premiums, contributions, or other

amounts paid. This includes the amounts your employer

contributed if you were required to include these amounts

in income. It also includes amounts you actually contributed (except amounts for health and accident benefits and

deductible voluntary employee contributions).

From this total cost you subtract:

1. Any refunded premiums, rebates, dividends, or unrepaid loans (any of which weren’t 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.

2. Any additional premiums paid for double indemnity or

disability benefits.

3. Any other tax-free amounts you received under the

contract or plan before the later of the dates in (1).

4

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.

Example. 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. The annuity starting date is July 1. This is

the date you use in figuring your investment in the contract

and your expected return (discussed later).

Adjustments

If any of the following items apply, adjust (add or subtract)

your total cost to find your net cost.

Foreign employment. If you worked abroad, your cost

may include contributions by your employer to the retirement plan, but only if those contributions would be excludable from your gross income had they been paid directly

to you as compensation. The contributions that apply are:

1. Contributions before 1963 by your employer,

2. Contributions after 1962 by your employer if the contributions would be excludable from your gross income (not including the foreign earned income exclusion) had they been paid directly to you, or

3. Contributions after 1996 by your employer 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

excludable from your gross income had they been

paid directly to you.

Foreign employment contributions while a nonres­

ident alien. In determining your cost, special rules apply

if you are a U.S. citizen or resident alien who received distributions from a plan to which contributions were made

while you were a nonresident alien. Your contributions and

your employer's contributions aren’t included in your cost

if the contributions:

• Were made based on compensation that was for services performed outside the United States while you

were a nonresident alien; and

• Weren’t 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

paid as cash compensation when the services were

performed.

Death benefit exclusion. 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. The beneficiary of a deceased

employee who died after August 20, 1996, won't qualify

for the death benefit exclusion.

How to adjust your total cost. If you are eligible,

treat the amount of any allowable death benefit exclusion

as additional cost paid by the employee. Add it to the cost

or unrecovered cost of the annuity at the annuity starting

Publication 939 (12-2025)

date. See Example 3 under Computation Under the General Rule, later, for an illustration of the adjustment to the

cost of the contract.

Net cost. Your total cost plus certain adjustments and

minus other amounts already recovered before the annuity

starting date is your net cost. This is the unrecovered investment in the contract as of the annuity starting date. If

your annuity starting date is after 1986, this is the maximum amount that you may recover tax free under the contract.

Refund feature. Adjustment for the value of the refund

feature is only applicable when you report your pension or

annuity under the General Rule. Your annuity contract has

a refund feature if:

1. The expected return (discussed later) of an annuity

depends entirely or partly on the life of one or more individuals,

2. 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 specified amount or a stated number of payments hasn't been paid to the annuitant or annuitants before death, and

3. The payments are a refund of the amount you paid for

the annuity contract.

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.

Zero value of refund feature. For a joint and survivor

annuity, the value of the refund feature is zero if:

1. Both annuitants are age 74 or younger,

2. The payments are guaranteed for less than 21/2 years,

and

3. The survivor’s annuity is at least 50% of the first annuitant's annuity.

For a single-life annuity without survivor benefit, the

value of the refund feature is zero if:

1. The payments are guaranteed for less than 21/2 years;

and

2. The annuitant is:

a. Age 57 or younger (if using the new (unisex) annuity tables),

ample 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. In both examples, the taxpayer elects to use

Tables V through VIII. If you need the value of the refund

feature for a joint and survivor annuity, write to the IRS as

explained under Requesting a Ruling on Taxation of Annuity near the end of this publication.

Example 1. At age 65, you bought for $21,053 an annuity with a refund feature. You will get $100 a month for

life. Your contract provides that if you don’t live long

enough to recover the full $21,053, similar payments will

be made to your surviving beneficiary until a total of

$21,053 has been paid under the contract. In this case,

the contract cost and the total guaranteed return are the

same ($21,053). Your 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) . . . . . . . . . . . . . .

17.54

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

3,158

dollar)—15% of $21,053 . . . . . . . . . . . . . . . . . . . . . .

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, you would apply the appropriate percentage from the tables to the lesser amount.

For example, if the contract guaranteed the $100 monthly

payments for 17 years to your estate or beneficiary if you

were to die before receiving all the payments for that period, the total guaranteed return would be $20,400 ($100 ×

12 × 17 years). In this case, the value of the refund feature

would be $2,856 (14% x $20,400) and your investment in

the contract would be $18,197 ($21,053 – $2,856) instead

of $17,895.

Example 2. You died while still employed. Your surviving spouse, age 48, receives $171 a month for life. Your

child, age 9, receives $50 a month until reaching age 18.

Your contributions to the retirement fund totaled

$7,559.45, with interest on those contributions of

$1,602.53. The guarantee or total refund feature of the

contract is $9,161.98 ($7,559.45 + $1,602.53).

The adjustment in the investment in the contract is figured as follows:

b. Age 42 or younger (if male and using the old annuity tables), or

c. Age 47 or younger (if female and using the old annuity tables).

If you don’t meet these requirements, you will have to

figure the value of the refund feature, as explained in the

following discussion.

Examples. Example 1 shows how to figure the value of

the refund feature when there is only one beneficiary. ExPublication 939 (12-2025)

5

A) Expected return:*

1) Surviving spouse’s expected return:

Annual annuity ($171 × 12) . . . . . . . . . $2,052

Multiplied by factor from Table V

(nearest age 48) . . . . . . . . . . . . . .

34.9

2) Child's expected return:

Annual annuity ($50 × 12) . . . . . . . . . .

$600

Multiplied by factor from

Table VIII (nearest age 9

for term of 9 years) . . . . . . . . . . . . .

9.0

3) Total expected return . . . . . . . . . . . . .

B) Adjustment for refund feature:

1) Contributions (net cost) . . . . . . . . . . . . . . . . .

2) Guaranteed amount (contributions of $7,559.45

plus interest of $1,602.53) . . . . . . . . . . . . . . . .

3) Minus: Expected return under child's (temporary

life) annuity (A(2)) . . . . . . . . . . . . . . . . . . . . .

4) Net guaranteed amount . . . . . . . . . . . . . . . . .

5) Multiple from Table VII (nearest age 48 for 2 years

duration (recovery of $3,761.98 at $171 a month to

nearest whole year)) . . . . . . . . . . . . . . . . . . .

6) Adjustment required for value of refund feature

rounded to the nearest whole dollar

(0% × $3,761.98, the smaller of B(3) or B(6)) . . . .

$71,614.80

Annual payment ($500 × 12 months) . . . . . . . . . . . . . .

Multiple shown in Table V, age 66 . . . . . . . . . . . . . . . .

Expected return . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,400.00

$77,014.80

$7,559.45

$9,161.98

5,400.00

$3,761.98

0%

0

* Expected return is the total amount you and other eligible annuitants can

expect to receive under the contract. See the discussion of expected return,

later in this publication.

Free IRS help. 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.

Expected Return

Your expected return is the total amount you and other eligible annuitants can expect to receive under the contract.

The following discussions explain how to figure the expected return with each type of annuity.

Tip: A person’s age, for purposes of figuring the expected return, is the age at the birthday nearest to the annuity

starting date.

Fixed period annuity. 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. It is the total amount you will get

beginning at the annuity starting date. You will receive

specific periodic payments for a definite period of time,

such as a fixed number of months (but not less than 13).

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.

Single-life annuity. If you are to get annuity payments for

the rest of your life, find your expected return as follows.

You must multiply the amount of the annual payment by a

multiple based on your life expectancy as of the annuity

starting date. These multiples are set out in actuarial Tables I and V near the end of this publication (see How To

Use Actuarial Tables, later).

You may need to adjust these multiples if the payments

are made quarterly, semiannually, or annually. See

Adjustments to Tables I, II, V, VI, and VIA following Table I.

6

Example. You bought an annuity contract that will give

you an annuity of $500 a month for life. If at the annuity

starting date, your nearest birthday is 66, the expected return is figured as follows:

$6,000

× 19.2

$115,200

If the payments were to be made to you quarterly and the

first payment was made 1 full month after the annuity

starting date, you would adjust the 19.2 multiple by +0.1 .

Your expected return would then be $115,800 ($6,000 ×

19.3).

Annuity for shorter of life or specified period. 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. To figure your expected

return, multiply the amount of your annual payment by a

multiple in Table IV or VIII for temporary life annuities. 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.

Example. You purchased an annuity this year that will

pay you $200 each month for 5 years or until you die,

whichever period is shorter. You were age 65 at your birthday nearest the annuity starting date. You figure the expected return as follows:

Annual payment ($200 × 12 months) . . . . . . . . . . . . . .

Multiple shown in Table VIII, age 65, 5-year term . . . . . . .

Expected return . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,400

× 4.9

$11,760

Tip: You use Table VIII (not Table IV) because all your

contributions were made after June 30, 1986. See Special

Elections, later.

Joint and survivor annuities. 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. To

figure the expected return, multiply the annual payment by

a multiple in Table II or VI based on your joint life expectancies. If your payments are made quarterly, semiannually, or annually, you may need to adjust these multiples.

See Adjustments to Tables I, II, V, VI, and VIA following Table I near the end of this publication.

Example. You bought a joint and survivor annuity providing payments of $500 a month for your life and after

your death $500 a month for the remainder of your spouse's life. At your annuity starting date, your age at your

nearest birthday is 70 and your spouse's at their nearest

birthday is 67. The expected return is figured as follows:

Annual payment ($500 × 12 months) . . . . . . . . . . . . . .

Multiple shown in Table VI, ages 67 and 70 . . . . . . . . . .

Expected return . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,000

× 22.0

$132,000

Publication 939 (12-2025)

Different payments to survivor. If your contract provides that payments to a survivor annuitant will be different from the amount you receive, you must use a computation that accounts for both the joint lives of the

annuitants and the life of the survivor.

Example 1. You bought a contract providing for payments to yourself of $500 a month for life and after your

death payments to your spouse of $350 a month for life. If

at the annuity starting date, your nearest birthday is 70

and your spouse’s is 67, the expected return under the

contract is figured as follows:

Combined multiple for you and your spouse, ages

70 and 67 (from Table VI) . . . . . . . . . . . . . . . .

Multiple for you, age 70 (from Table V) . . . . . . .

Difference: Multiple applicable to your spouse . . .

Your annual payment ($500 × 12) . . . . . . . . . . .

Your multiple . . . . . . . . . . . . . . . . . . . . . . .

Your expected return . . . . . . . . . . . . . . . . . .

Your spouse's annual payment ($350 × 12) . . . .

Spouse's multiple . . . . . . . . . . . . . . . . . . . .

Your spouse's expected return . . . . . . . . . . . .

Total expected return under the contract. . . .

22.0

16.0

6.0

$6,000

16.0

$96,000

$4,200

6.0

25,200

$121,200

Example 2. Your spouse died while still employed. Under the terms of their 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. Your children,

Marie and Jean, are each entitled to immediate temporary

life annuities of $150 a month until they reach age 18.

You were 50 years old at the annuity starting date.

Marie was 16 and Jean was 14. 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:

Surviving spouse, age 50 (multiple from Table V—33.1 ×

$4,800 annual payment) . . . . . . . . . . . . . . . . . . . . . . $158,880

Marie, age 16 for 2 years duration (multiple from Table

VIII—2.0 × $1,800 annual payment) . . . . . . . . . . . . . .

3,600

Jean, age 14 for 4 years duration (multiple from Table

7,200

VIII—4.0 × $1,800 annual payment) . . . . . . . . . . . . . .

Total expected return . . . . . . . . . . . . . . . . . . . . . . . $169,680

No computation of expected return is made based on

your spouse's age at the date of death because they died

before the annuity starting date.

Computation Under

the General Rule

Note: Variable annuities use a different computation

for determining the exclusion amounts. See Variable annuities, later.

Under the General Rule, you figure the taxable part of

your annuity by using the following steps.

Step 1. Figure the amount of your investment in the contract, including any adjustments for the refund feature and

the death benefit exclusion, if applicable. See Death benefit exclusion, earlier.

Publication 939 (12-2025)

Step 2. Figure your expected return.

Step 3. Divide Step 1 by Step 2 and round to three decimal places. This will give you the exclusion percentage.

Step 4. Multiply the exclusion percentage by the first regular periodic payment. The result is the tax-free part of

each pension or annuity payment.

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. However, if your annuity starting

date is after 1986, the total amount of annuity income that

is tax free over the years can’t exceed your net cost.

Each annuitant applies the same exclusion percentage

to their initial payment called for in the contract.

Step 5. Multiply the tax-free part of each payment (Step

4) by the number of payments received during the year.

This will give you the tax-free part of the total payment for

the year.

Tip: 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. This fractional amount is multiplied by

your exclusion percentage to get the tax-free part.

Step 6. Subtract the tax-free part from the total payment

you received. The rest is the taxable part of your pension

or annuity.

Example 1. You purchased an annuity with an investment in the contract of $10,800. Under its terms, the annuity will pay you $100 a month for life. The multiple for your

age (age 65) is 20.0 as shown in Table V. Your expected

return is $24,000 (20 × 12 × $100). Your cost of $10,800

divided by your expected return of $24,000 equals 45.0%.

This is the percentage you won't have to include in income.

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. If you had received only

six payments of $100 ($600) during the year, your exclusion would have been $270 (45% of $100 × six payments).

Example 2. You bought a joint and survivor annuity.

Your investment in the contract is $62,712 and the expected return is $121,200. The exclusion percentage is 51.7%

($62,712 ÷ $121,200). You will receive $500 a month

($6,000 a year). Each year, until your net cost is recovered, $3,102 (51.7% of your total payments received of

$6,000) will be tax free and $2,898 ($6,000 − $3,102) will

be included in your income. If you die, your spouse will receive $350 a month ($4,200 a year). If you don’t recover

all of your net cost before your death, your spouse will use

the same exclusion percentage (51.7%). Each year, until

the entire net cost is recovered, your spouse will receive

$2,171.40 (51.7% of your spouse’s payments received of

$4,200) tax free. Your spouse will include $2,028.60

($4,200 − $2,171.40) on the income tax return.

Example 3. Using the same facts as Example 2, earlier under Different payments to survivor, you are to

7

receive an annual annuity of $4,800 until you die or remarry. Your two children each receive annual annuities of

$1,800 until they reach age 18. Your spouse contributed

$25,576 to the plan. You are eligible for the $5,000 death

benefit exclusion because your spouse died before August 21, 1996.

Adjusted Investment in the Contract

Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Plus: Death benefit exclusion . . . . . . . . . . . . . . . . . . .

Adjusted investment in the contract . . . . . . . . . . . . . . .

$25,576

5,000

$30,576

The total expected return, as previously figured (in Example 2 under Different payments to survivor), is

$169,680. The exclusion percentage of 18.0% ($30,576 ÷

$169,680) applies to the annuity payments you and each

of your children receive. Each full year, $864 (18.0% ×

$4,800) will be tax free to you, and you must include

$3,936 in your income tax return. Each year, until age 18,

$324 (18.0% × $1,800) of each of your payments will be

tax free and each must include the balance, $1,476, as income on their own income tax return.

Part-year payments. 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.

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. 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 year.

If you received a fractional payment, follow Step 5, discussed earlier. This gives you the tax-free part of your total

payment.

Example. On September 28, you bought an annuity

contract for $22,050 that will give you $125 a month for

life, beginning October 30. The applicable multiple from

Table V is 23.3 (age 61). Your expected return is $34,950

($125 × 12 × 23.3). Your investment in the contract of

$22,050, divided by the expected return of $34,950,

equals 63.1%. Each payment received will consist of

63.1% return of cost and 36.9% taxable income, until the

net cost of the contract is fully recovered. During the first

year, you receive three payments of $125, or $375, of

which $236.63 (63.1% × $375) is a return of cost. The remaining $138.37 is included in income.

Increase in annuity payments. The tax-free amount remains the same as the amount figured at the annuity starting date, even if the payment increases. All increases in

the installment payments are fully taxable.

However, if your annuity payments are scheduled to increase at a definite date in the future, you must figure the

8

expected return for that annuity using the method described in section 1.72-5(a)(5) of the regulations.

Example. Your spouse died while still employed and,

as the beneficiary, you began receiving an annuity of $147

per month. In figuring the taxable part, you elect to use Tables V through VIII. The cost of the contract was $7,938,

consisting of the sum of your spouse’s net contributions

adjusted for any refund feature. Your expected return as of

the annuity starting date is $35,280 (age 65, multiple of

20.0 × $1,764 annual payment). The exclusion percentage

is $7,938 ÷ $35,280, or 22.5%. During the year, you received 11 monthly payments of $147, or $1,617. Of this

amount, 22.5% × $147 × 11 ($363.83) is tax free as a return of cost and the balance of $1,253.17 is taxable.

Later, because of a cost-of-living increase, your annuity

payment was increased to $166 per month, or $1,992 a

year (12 × $166). The tax-free part is still only 22.5% of

the annuity payments as of the annuity starting date

(22.5% × $147 × 12 = $396.90 for a full year). The increase of $228 ($1,992 − $1,764 (12 × $147)) is fully taxable.

Variable annuities. 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.

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. If the annuity is for life, you determine the total number of payments by using a multiple

from the appropriate actuarial table.

Example. You purchased a variable annuity at age 65.

The total cost of the contract was $12,000. The annuity

starting date is January 1 of the year of purchase. Your annuity will be paid, starting July 1, in variable annual installments for your life. The tax-free amount of each payment

until you have recovered the cost of your contract is:

Investment in the contract . . . . . . . . . . . . . . . . . . . . .

Number of expected annual payments (multiple for age 65

from Table V) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tax-free amount of each payment ($12,000 ÷ 20) . . . . . .

$12,000

20

$600

If your first payment is $920, you include only $320 ($920

− $600) in your gross income.

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. 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. The result is added to the previously figured periodic tax-free part. The sum is the amount

of each future payment that will be tax free.

Example. Using the facts of the previous example, assume that after the $920 payment, you received $500 in

the following year and $1,200 in the year after that. You

don’t pay tax on the $500 (second year) payment because

Publication 939 (12-2025)

$600 of each annual pension payment is tax free. Since

the $500 payment is less than the $600 annual tax-free

amount, you may choose to refigure the tax-free part when

you receive the $1,200 (third year) payment, as follows:

Amount tax free in second year . . . . . . . . . . . . . . . . .

Amount received in second year . . . . . . . . . . . . . . . . .

Difference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Number of remaining payments after the first 2 payments

(age 67, from Table V) . . . . . . . . . . . . . . . . . . . . . . .

Amount to be added to previously determined annual

tax-free part ($100 ÷ 18.4) . . . . . . . . . . . . . . . . . . . .

Revised annual tax-free part for third and later years ($600

+ $5.43) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amount taxable in third year ($1,200 − $605.43) . . . . .

$600.00

500.00

$100.00

18.4

$5.43

$605.43

$594.57

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 Regulations section 1.72-4(d)(3). The

statement must also show the following information.

1. The annuity starting date and your age on that date.

2. The first day of the first period for which you received

an annuity payment in the current year.

3. Your investment in the contract as originally figured.

4. 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.

Exclusion Limits

Your annuity starting date determines the total amount of

annuity income that you can exclude from income over the

years.

Exclusion limited to net cost. 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

can’t exceed your net cost (figured without any reduction

for a refund feature). This is the unrecovered investment in

the contract as of the annuity starting date.

If your annuity starting date is after July 1, 1986, any

unrecovered net cost at your (or last annuitant's) death is

allowed as an other itemized deduction on the final return

of the decedent.

Example 1. Your annuity starting date is after 1986.

Your total cost is $12,500, and your net cost is $10,000,

taking into account certain adjustments. There is no refund feature. Your monthly annuity payment is $833.33.

Your exclusion ratio is 12% and you exclude $100 a

month. Your exclusion ends after 100 months, when you

have excluded your net cost of $10,000. Thereafter, your

annuity payments are fully taxable.

Example 2. 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. The adjustment for the

refund feature is $1,000, so the investment in the contract

is $9,000. The exclusion ratio is 10.8%, and your monthly

exclusion is $90. After 5 years (60 months), you have

Publication 939 (12-2025)

recovered tax free only $5,400 ($90 x 60). 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. Your unrecovered investment is determined

without regard to the refund feature adjustment, discussed

earlier, under Adjustments.

Exclusion not limited to net cost. If your annuity starting date was before 1987, you could continue to take your

monthly exclusion for as long as you receive your annuity.

If you choose a joint and survivor annuity, your survivor

continues to take the survivor’s exclusion figured as of the

annuity starting date. The total exclusion may be more

than your investment in the contract.

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.

Unisex Annuity Tables

Effective July 1, 1986, the IRS adopted new annuity Tables V through VIII, in which your sex isn’t considered

when determining the applicable factor. These tables correspond to the old Tables I through IV. In general, Tables V

through VIII must be used if you made contributions to the

retirement plan after June 30, 1986. If you made no contributions to the plan after June 30, 1986, generally you

must use only Tables I through IV. 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).

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.

Contributions made both before July 1986 and after

June 1986. 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. (See the examples below.)

Make the election. 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 1.72-6 of the Income Tax Regulations.”

The statement must also include your name, address,

social security number, and the amount of the pre-July

1986 investment in the contract.

9

If your investment in the contract includes post-June

1986 contributions to the plan, and you don’t 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. You must also use Tables

V through VIII if you are unable or don’t wish to determine

the portions of your contributions that were made before

July 1, 1986, and after June 30, 1986.

Advantages of election. 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.

Tip: If you intend to make this election, save your records that substantiate your pre-July 1986 and post-June

1986 contributions. If the death benefit exclusion applies

(see discussion, earlier), you don’t have to apportion it between the pre-July 1986 and the post-June 1986 investment in the contract.

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.

Example 1. You are single and you contributed

$42,000 to the retirement plan, so you will receive an annual annuity of $24,000 for life. Payment of the $42,000

contribution is guaranteed under a refund feature. You are

55 years old as of the annuity starting date. For figuring

the taxable part of your annuity, you chose to make separate computations for your pre-July 1986 investment in the

contract of $41,300, and for your post-June 1986 investment in the contract of $700.

PreJuly

1986

A. Adjustment for refund feature

1) Net cost . . . . . . . . . . . . . . . . . . .

2) Annual annuity—$24,000

($41,300/$42,000 × $24,000) . . . . . .

($700/$42,000 × $24,000) . . . . . . . .

3) Guarantee under contract . . . . . . . .

4) No. of years payments

guaranteed (rounded), A(3) ÷ A(2) . . .

5) Applicable percentage from

Tables III and VII . . . . . . . . . . . . . .

6) Adjustment for value of refund

feature, A(5) × smaller of A(1)

or A(3) . . . . . . . . . . . . . . . . . . . .

PostJune 1986

$41,300

$23,600

$700

$41,300

$400

$700

2

2

1%

0%

$413

$0

B. Investment in the contract

1) Net cost . . . . . . . . . . . . . . . . . . .

2) Minus: Amount in A(6) . . . . . . . . . .

3) Investment in the contract . . . . . . . .

$41,300

413

$40,887

$700

0

$700

C. Expected return

1) Annual annuity receivable . . . . . . . .

2) Multiples from Tables I and V . . . . . .

3) Expected return, C(1) × C(2) . . . . . .

$24,000

21.7

$520,800

$24,000

28.6

$686,400

D. Tax-free part of annuity

1) Exclusion ratio as decimal,

B(3) ÷ C(3) . . . . . . . . . . . . . . . . . .

2) Tax-free part, C(1) × D(1) . . . . . . . .

10

0.079

$1,896

0.001

$24

The tax-free part of your total annuity is $1,920 ($1,896

+ $24). The taxable part of your annuity is $22,080

($24,000 - $1,920). If the annuity starting date is after

1986, the exclusion over the years can’t exceed the net

cost (figured without any reduction for a refund feature).

Example 2. You are age 62 at your nearest birthday to

the annuity starting date. Your spouse is age 60 at their

nearest birthday to the annuity starting date. The joint and

survivor annuity pays $1,000 per month to you for life, and

$500 per month to your surviving spouse after your death.

The pre-July 1986 investment in the contract is $53,100

and the post-June 1986 investment in the contract is

$7,000. You make the election described in Example 1.

For purposes of this example, assume the refund feature adjustment is zero. If an adjustment is required, the

IRS will figure the amount. See Requesting a Ruling on

Taxation of Annuity near the end of this publication.

A. Adjustment for refund feature

1) Net cost . . . . . . . . . . . . . . . . . . .

2) Annual annuity—$12,000

($53,100/$60,100 × $12,000) . . . . . . .

($7,000/$60,100 × $12,000) . . . . . .

3) Guaranteed under the contract . . . .

4) Number of years guaranteed,

rounded, A(3) ÷ A(2) . . . . . . . . . . . .

5) Applicable percentages . . . . . . . . .

6) Refund feature adjustment, A(5) ×

smaller of A(1) or A(3) . . . . . . . . . . .

B. Investment in the contract

1) Net cost . . . . . . . . . . . . . . . . . . .

2) Refund feature adjustment . . . . . . .

3) Investment in the contract adjusted

for refund feature . . . . . . . . . . . . . . .

C. Expected return

1) Multiple for both annuitants from

Tables II and VI . . . . . . . . . . . . . .

2) Multiple for first annuitant from

Tables I and V . . . . . . . . . . . . . . .

3) Multiple applicable to surviving

annuitant, subtract C(2) from C(1) . . .

4) Annual annuity to surviving

annuitant . . . . . . . . . . . . . . . . . .

5) Portion of expected return for

surviving annuitant, C(4) × C(3) . . . .

6) Annual annuity to first

annuitant . . . . . . . . . . . . . . . . . .

7) Plus: Portion of expected return for

first annuitant, C(6) × C(2) . . . . . . .

8) Expected return for both

annuitants, C(5) + C(7) . . . . . . . . .

D. Tax-free part of annuity

1) Exclusion ratio as a decimal, B(3) ÷

C(8) . . . . . . . . . . . . . . . . . . . . .

2) Retiree's tax-free part of annuity,

C(6) × D(1) . . . . . . . . . . . . . . . . .

3) Survivor’ tax-free part of annuity,

C(4) × D(1) . . . . . . . . . . . . . . . . .

PreJuly 1986

PostJune 1986

$53,100

$7,000

$10,602

$53,100

$1,398

$7,000

5

0%

5

0%

0

0

$53,100

0

$7,000

0

$53,100

$7,000

25.4

28.8

16.9

22.5

8.5

6.3

$6,000

$6,000

$51,000

$37,800

$12,000

$12,000

$202,800

$270,000

$253,800

$307,800

0.209

0.023

$2,508

$276

$1,254

$138

The tax-free part of your total annuity is $2,784 ($2,508

+ $276). The taxable part of your annuity is $9,216

Publication 939 (12-2025)

($12,000 − $2,784). The exclusion over the years can’t exceed the net cost of the contract (figured without any reduction for a refund feature) if the annuity starting date is

after 1986.

After your death, your surviving spouse will apply the

same exclusion percentages (20.9% and 2.3%) to their

annual annuity of $6,000 to figure the tax-free part of their

annuity.

Annuity received after June 30, 1986. 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. Once made, you can’t revoke

the election, which will apply to all payments during the

year and in any later year.

Make the election by attaching the following statement

to your income tax return.

“I elect, under section 1.72-9 of the Income Tax Regulations, to treat my entire cost of the contract as a post-June

1986 cost of the plan.”

The statement must also include your name, address,

and social security number.

You should also indicate you are making this election if

you are unable or don’t wish to determine the parts of your

Publication 939 (12-2025)

contributions that were made before July 1, 1986, and after June 30, 1986.

Disqualifying form of payment or settlement. 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. See Regulations section

1.72-6(d)(3) for additional examples of disqualifying forms

of payment or settlement. You can find the Income Tax

Regulations in many libraries and at Internal Revenue

Service Offices.

Worksheets for Determining

Taxable Annuity

Worksheets I and II. Worksheets I and II follow for determining your taxable annuity under Regulations Section

1.72-6(d)(6) Election.

11

Worksheet I

For Determining Taxable Annuity Under Regulations Section 1.72-6(d)(6)

Election for Single Annuitant With No Survivor Annuity

Pre-July 1986

A.

Post-June 1986

Refund Feature Adjustment

1) Net cost (total cost less returned premiums, dividends, etc.) . . . . . . . . . .

2)

Annual annuity allocation:

3)

Portion of net cost in A(1) x annual annuity . . . . . . . . . . . . . . . . . . . .

Net cost

Guaranteed under the contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4)

Number of years guaranteed, rounded to whole years:

A(3) divided by A(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5)

6)

Applicable percentages* from Tables III and VII . . . . . . . . . . . . . . . . . . . .

Refund feature adjustment:

A(5) times lesser of A(1) or A(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B.

Investment in the Contract

1) Net cost:

2)

A(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Refund feature adjustment:

3)

A(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investment in the contract adjusted for refund feature:

B(1) minus B(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C. Expected Return

1) Annual Annuity:

2)

12 times monthly annuity** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expected return multiples from Tables I and V . . . . . . . . . . . . . . . . . . . . .

3)

Expected Return:

C(1) times C(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D. Tax-Free Part of Annuity

1) Exclusion ratio, as a decimal rounded to three places:

B(3) divided by C(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2)

Tax-free part of annuity:

C(1) times D(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

* If your annuity meets the three conditions listed in Zero value of refund feature in Investment in

the Contract, earlier, both percentages are 0. If not, the IRS will figure the refund feature

percentage.

** If the annuity isn’t 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.

12

Publication 939 (12-2025)

Worksheet II

For Determining Taxable Annuity Under Regulations Section 1.72-6(d)(6)

Election for Joint and Survivor Annuity

Pre-July 1986

Post-June 1986

A. Refund Feature Adjustment

1) Net cost (total cost less returned premiums, dividends, etc.) . . . . . . . . . .

2)

3)

4)

5)

6)

Annual annuity allocation:

Portion of net cost in A(1) x annual annuity . . . . . . . . . . . . . . . . . . . .

Net cost

Guaranteed under the contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Number of years guaranteed, rounded to whole years:

A(3) divided by A(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Applicable percentages* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Refund feature adjustment:

A(5) times lesser of A(1) or A(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B.

C.

D.

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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expected Return

1) Multiples for both annuitants, Tables II and VI . . . . . . . . . . . . . . . . . . . . .

2)

Multiple for retiree. 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tax-Free Part of Annuity

1) Exclusion ratio, as a decimal rounded to three 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 your annuity meets the three conditions listed in Zero value of refund feature in Investment in

the Contract, earlier, both percentages are 0. If not, the IRS will figure the refund feature

percentage.

** If the annuity isn’t 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.

Publication 939 (12-2025)

13

Actuarial Tables

Table I (One Life) applies to all ages. Tables II–IV apply to males ages 35 to 90 and females

ages 40 to 95. Table I—Ordinary Life Annuities—One Life—Expected Return Multiples

Ages

Multiples

Ages

Multiples

Male

Female

Male

Female

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

65.0

64.1

63.2

62.3

61.4

60.4

59.5

58.6

57.7

56.7

55.8

54.9

53.9

53.0

52.1

51.1

50.2

49.3

48.3

47.4

46.5

45.6

44.6

43.7

42.8

41.9

41.0

40.0

39.1

38.2

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

33.0

32.1

31.2

30.4

29.6

28.7

27.9

27.1

26.3

25.5

24.7

24.0

23.2

22.4

21.7

21.0

20.3

19.6

18.9

18.2

17.5

16.9

16.2

15.6

15.0

14.4

13.8

13.2

12.6

12.1

36

37

38

39

40

41

42

43

44

45

37.3

36.5

35.6

34.7

33.8

71

72

73

74

75

76

77

78

79

80

11.6

11.0

10.5

10.1

9.6

Ages

Multiples

Male

Female

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

9.1

8.7

8.3

7.8

7.5

7.1

6.7

6.3

6.0

5.7

5.4

5.1

4.8

4.5

4.2

4.0

3.7

3.5

3.3

3.1

2.9

2.7

2.5

2.3

2.1

1.9

1.7

1.5

1.3

1.2

1.0

0.8

0.7

0.6

0.5

0

Adjustments to Tables I, II, V, VI and VIA Payments Made Quarterly, Semiannually, or Annually

Number of whole months from annuity starting date to first payment date

0–1

2

3

4

5

6

7

8

9

10

11

12

Payments to be

made:

Annually

+0.5

+0.4

+0.3

+0.2

+0.1

0

0

-0.1

-0.2

-0.3

-0.4

-0.5

Semiannually

+0.2

+0.1

0

0

-0.1

-0.2

Quarterly

+0.1

0

-0.1

14

Publication 939 (12-2025)

Table II—Ordinary Joint Life and Last Survivor Annuities—Two Lives—Expected Return

Multiples

Ages

Male

35

36

37

38

39

40

41

42

43

44

45

46

47

Male

Female

40

41

42

43

44

45

46

47

48

49

50

51

52

35

36

37

38

39

40

41

42

43

44

45

46

47

40

41

42

43

44

45

46

47

48

49

50

51

52

46.2

45.7

45.3

44.8

44.4

44.0

43.6

43.3

43.0

42.6

42.3

42.0

41.8

45.7

45.2

44.8

44.3

43.9

43.5

43.1

42.7

42.3

42.0

41.7

41.4

41.1

45.3

44.8

44.3

43.8

43.4

42.9

42.5

42.1

41.8

41.4

41.1

40.7

40.4

44.8

44.3

43.8

43.3

42.9

42.4

42.0

41.6

41.2

40.8

40.5

40.1

39.8

44.4

43.9

43.4

42.9

42.4

41.9

41.5

41.0

40.6

40.2

39.9

39.5

39.2

44.0

43.5

42.9

42.4

41.9

41.4

41.0

40.5

40.1

39.7

39.3

38.9

38.6

43.6

43.1

42.5

42.0

41.5

41.0

40.5

40.0

39.6

39.2

38.8

38.4

38.0

43.3

42.7

42.1

41.6

41.0

40.5

40.0

39.6

39.1

38.7

38.2

37.8

37.5

43.0

42.3

41.8

41.2

40.6

40.1

39.6

39.1

38.6

38.2

37.7

37.3

36.9

42.6

42.0

41.4

40.8

40.2

39.7

39.2

38.7

38.2

37.7

37.2

36.8

36.4

42.3

41.7

41.1

40.5

39.9

39.3

38.8

38.2

37.7

37.2

36.8

36.3

35.9

42.0

41.4

40.7

40.1

39.5

38.9

38.4

37.8

37.3

36.8

36.3

35.9

35.4

41.8

41.1

40.4

39.8

39.2

38.6

38.0

37.5

36.9

36.4

35.9

35.4

35.0

Male

48

49

50

51

52

53

54

55

56

57

58

59

60

Ages

Male

Female

53

54

55

56

57

58

59

60

61

62

63

64

65

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

41.5

40.8

40.2

39.5

38.9

38.3

37.7

37.1

36.5

36.0

35.5

35.0

34.5

34.0

33.6

33.2

32.8

32.4

32.0

31.7

31.4

31.1

30.8

30.5

30.2

30.0

41.3

40.6

39.9

39.2

38.6

38.0

37.3

36.8

36.2

35.6

35.1

34.6

34.1

33.6

33.1

32.7

32.3

31.9

31.5

31.2

30.8

30.5

30.2

29.9

29.6

29.4

41.0

40.3

39.6

39.0

38.3

37.7

37.0

36.4

35.8

35.3

34.7

34.2

33.7

33.2

32.7

32.3

31.8

31.4

31.0

30.6

30.3

29.9

29.6

29.3

29.0

28.8

40.8

40.1

39.4

38.7

38.0

37.4

36.7

36.1

35.5

34.9

34.4

33.8

33.3

32.8

32.3

31.8

31.4

30.9

30.5

30.1

29.8

29.4

29.1

28.8

28.5

28.2

40.6

39.9

39.2

38.5

37.8

37.1

36.5

35.8

35.2

34.6

34.0

33.5

32.9

32.4

31.9

31.4

30.9

30.5

30.1

29.7

29.3

28.9

28.6

28.2

27.9

27.6

40.4

39.7

39.0

38.3

37.6

36.9

36.2

35.6

34.9

34.3

33.7

33.1

32.6

32.0

31.5

31.0

30.5

30.1

29.6

29.2

28.8

28.4

28.1

27.7

27.4

27.1

40.3

39.5

38.8

38.1

37.3

36.6

36.0

35.3

34.7

34.0

33.4

32.8

32.2

31.7

31.2

30.6

30.1

29.7

29.2

28.8

28.3

27.9

27.6

27.2

26.9

26.5

40.1

39.3

38.6

37.9

37.1

36.4

35.7

35.1

34.4

33.8

33.1

32.5

31.9

31.4

30.8

30.3

29.8

29.3

28.8

28.3

27.9

27.5

27.1

26.7

26.4

26.0

40.0

39.2

38.4

37.7

36.9

36.2

35.5

34.8

34.2

33.5

32.9

32.2

31.6

31.1

30.5

29.9

29.4

28.9

28.4

27.9

27.5

27.1

26.7

26.3

25.9

25.5

39.8

39.0

38.3

37.5

36.8

36.0

35.3

34.6

33.9

33.3

32.6

32.0

31.4

30.8

30.2

29.6

29.1

28.6

28.1

27.6

27.1

26.7

26.2

25.8

25.4

25.1

39.7

38.9

38.1

37.3

36.6

35.9

35.1

34.4

33.7

33.0

32.4

31.7

31.1

30.5

29.9

29.3

28.8

28.2

27.7

27.2

26.7

26.3

25.8

25.4

25.0

24.6

39.6

38.8

38.0

37.2

36.4

35.7

35.0

34.2

33.5

32.8

32.2

31.5

30.9

30.2

29.6

29.0

28.5

27.9

27.4

26.9

26.4

25.9

25.4

25.0

24.6

24.2

39.5

38.6

37.9

37.1

36.3

35.5

34.8

34.1

33.3

32.6

31.9

31.3

30.6

30.0

29.4

28.8

28.2

27.6

27.1

26.5

26.0

25.5

25.1

24.6

24.2

23.8

Publication 939 (12-2025)

15

Table II—Ordinary Joint Life and Last Survivor Annuities—Two Lives—Expected Return

Multiples—Continued

Ages

16

Male

61

62

63

64

65

66

67

68

69

70

71

72

73

Male

Female

66

67

68

69

70

71

72

73

74

75

76

77

78

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

39.4

38.5

37.7

36.9

36.2

35.4

34.6

33.9

33.2

32.5

31.8

31.1

30.4

29.8

29.1

28.5

27.9

27.3

26.8

26.2

25.7

25.2

24.7

24.3

23.8

23.4

23.0

22.6

22.2

21.9

21.6

21.3

21.0

20.7

20.4

20.2

20.0

19.8

19.6

39.3

38.4

37.6

36.8

36.0

35.3

34.5

33.7

33.0

32.3

31.6

30.9

30.2

29.5

28.9

28.3

27.7

27.1

26.5

25.9

25.4

24.9

24.4

23.9

23.5

23.0

22.6

22.2

21.8

21.5

21.1

20.8

20.5

20.2

19.9

19.7

19.5

19.2

19.0

39.2

38.3

37.5

36.7

35.9

35.1

34.4

33.6

32.9

32.1

31.4

30.7

30.0

29.3

28.7

28.1

27.4

26.8

26.2

25.7

25.1

24.6

24.1

23.6

23.1

22.7

22.2

21.8

21.4

21.1

20.7

20.4

20.1

19.8

19.5

19.2

19.0

18.7

18.5

39.1

38.2

37.4

36.6

35.8

35.0

34.2

33.5

32.7

32.0

31.3

30.5

29.8

29.2

28.5

27.8

27.2

26.6

26.0

25.4

24.9

24.3

23.8

23.3

22.8

22.3

21.9

21.5

21.1

20.7

20.3

20.0

19.6

19.3

19.0

18.7

18.5

18.2

18.0

39.0

38.2

37.3

36.5

35.7

34.9

34.1

33.4

32.6

31.8

31.1

30.4

29.7

29.0

28.3

27.6

27.0

26.4

25.8

25.2

24.6

24.1

23.5

23.0

22.5

22.0

21.6

21.1

20.7

20.3

19.9

19.6

19.2

18.9

18.6

18.3

18.0

17.8

17.5

38.9

38.1

37.3

36.4

35.6

34.8

34.0

33.2

32.5

31.7

31.0

30.2

29.5

28.8

28.1

27.5

26.8

26.2

25.6

25.0

24.4

23.8

23.3

22.7

22.2

21.7

21.3

20.8

20.4

20.0

19.6

19.2

18.8

18.5

18.2

17.9

17.6

17.3

17.1

38.9

38.0

37.2

36.4

35.5

34.7

33.9

33.1

32.4

31.6

30.8

30.1

29.4

28.7

28.0

27.3

26.6

26.0

25.4

24.7

24.1

23.6

23.0

22.5

21.9

21.4

21.0

20.5

20.1

19.6

19.2

18.8

18.5

18.1

17.8

17.5

17.2

16.9

16.7

38.8

38.0

37.1

36.3

35.5

34.6

33.8

33.0

32.3

31.5

30.7

30.0

29.3

28.5

27.8

27.1

26.5

25.8

25.2

24.6

23.9

23.4

22.8

22.2

21.7

21.2

20.7

20.2

19.8

19.3

18.9

18.5

18.1

17.8

17.4

17.1

16.8

16.5

16.2

38.8

37.9

37.1

36.2

35.4

34.6

33.8

33.0

32.2

31.4

30.6

29.9

29.1

28.4

27.7

27.0

26.3

25.7

25.0

24.4

23.8

23.2

22.6

22.0

21.5

20.9

20.4

19.9

19.5

19.0

18.6

18.2

17.8

17.4

17.1

16.7

16.4

16.1

15.8

38.7

37.9

37.0

36.2

35.3

34.5

33.7

32.9

32.1

31.3

30.5

29.8

29.0

28.3

27.6

26.9

26.2

25.5

24.8

24.2

23.6

23.0

22.4

21.8

21.2

20.7

20.2

19.7

19.2

18.7

18.3

17.9

17.5

17.1

16.7

16.4

16.1

15.8

15.5

38.7

37.8

36.9

36.1

35.3

34.4

33.6

32.8

32.0

31.2

30.4

29.7

28.9

28.2

27.5

26.7

26.0

25.4

24.7

24.0

23.4

22.8

22.2

21.6

21.0

20.5

20.0

19.5

19.0

18.5

18.0

17.6

17.2

16.8

16.4

16.1

15.7

15.4

15.1

38.6

37.8

36.9

36.0

35.2

34.4

33.5

32.7

31.9

31.1

30.4

29.6

28.8

28.1

27.4

26.6

25.9

25.2

24.6

23.9

23.3

22.6

22.0

21.4

20.9

20.3

19.8

19.2

18.7

18.2

17.8

17.3

16.9

16.5

16.1

15.8

15.4

15.1

14.8

38.6

37.7

36.9

36.0

35.2

34.3

33.5

32.7

31.9

31.1

30.3

29.5

28.7

28.0

27.3

26.5

25.8

25.1

24.4

23.8

23.1

22.5

21.9

21.3

20.7

20.1

19.6

19.0

18.5

18.0

17.5

17.1

16.7

16.2

15.8

15.5

15.1

14.8

14.4

Publication 939 (12-2025)

Table II—Ordinary Joint Life and Last Survivor Annuities—Two Lives—Expected Return

Multiples—Continued

Ages

Male

74

75

76

77

78

79

80

81

82

83

84

85

Male

Female

79

80

81

82

83

84

85

86

87

88

89

90

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

38.6

37.7

36.8

36.0

35.1

34.3

33.4

32.6

31.8

31.0

30.2

29.4

28.7

27.9

27.2

26.4

25.7

25.0

24.3

23.6

23.0

22.3

21.7

21.1

20.5

19.9

19.4

18.8

18.3

17.8

17.3

16.9

16.4

16.0

15.6

15.2

14.8

14.5

14.1

13.8

13.5

13.2

13.0

12.7

12.5

12.3

12.1

11.9

11.7

11.6

11.4

38.5

37.6

36.8

35.9

35.1

34.2

33.4

32.6

31.8

30.9

30.1

29.4

28.6

27.8

27.1

26.3

25.6

24.9

24.2

23.5

22.9

22.2

21.6

21.0

20.4

19.8

19.2

18.7

18.1

17.6

17.1

16.6

16.2

15.7

15.3

14.9

14.5

14.2

13.8

13.5

13.2

12.9

12.6

12.4

12.2

11.9

11.7

11.5

11.4

11.2

11.0

38.5

37.6

36.7

35.9

35.0

34.2

33.3

32.5

31.7

30.9

30.1

29.3

28.5

27.8

27.0

26.3

25.5

24.8

24.1

23.4

22.8

22.1

21.5

20.8

20.2

19.6

19.1

18.5

18.0

17.4

16.9

16.4

16.0

15.5

15.1

14.7

14.3

13.9

13.6

13.2

12.9

12.6

12.3

12.1

11.8

11.6

11.4

11.2

11.0

10.8

10.7

38.5

37.6

36.7

35.9

35.0

34.1

33.3

32.5

31.7

30.8

30.0

29.2

28.5

27.7

26.9

26.2

25.5

24.7

24.0

23.3

22.7

22.0

21.3

20.7

20.1

19.5

18.9

18.3

17.8

17.3

16.7

16.3

15.8

15.3

14.9

14.5

14.1

13.7

13.3

13.0

12.6

12.3

12.1

11.8

11.5

11.3

11.1

10.8

10.7

10.5

10.3

38.4

37.6

36.7

35.8

35.0

34.1

33.3

32.4

31.6

30.8

30.0

29.2

28.4

27.6

26.9

26.1

25.4

24.7

23.9

23.2

22.6

21.9

21.2

20.6

20.0

19.4

18.8

18.2

17.6

17.1

16.6

16.1

15.6

15.1

14.7

14.3

13.8

13.5

13.1

12.7

12.4

12.1

11.8

11.5

11.2

11.0

10.7

10.5

10.3

10.0

10.0

38.4

37.5

36.7

35.8

34.9

34.1

33.2

32.4

31.6

30.8

29.9

29.2

28.4

27.6

26.8

26.1

25.3

24.6

23.9

23.2

22.5

21.8

21.1

20.5

19.9

19.3

18.7

18.1

17.5

17.0

16.4

15.9

15.4

15.0

14.5

14.1

13.6

13.2

12.9

12.5

12.2

11.8

11.5

11.2

11.0

10.7

10.5

10.2

10.0

9.8

9.6

38.4

37.5

36.6

35.8

34.9

34.1

33.2

32.4

31.5

30.7

29.9

29.1

28.3

27.5

26.8

26.0

25.3

24.5

23.8

23.1

22.4

21.7

21.1

20.4

19.8

19.1

18.5

18.0

17.4

16.8

16.3

15.8

15.3

14.8

14.3

13.9

13.5

13.0

12.7

12.3

11.9

11.6

11.3

11.0

10.7

10.4

10.2

10.0

9.7

9.5

9.3

38.4

37.5

36.6

35.8

34.9

34.0

33.2

32.3

31.5

30.7

29.9

29.1

28.3

27.5

26.7

26.0

25.2

24.5

23.7

23.0

22.3

21.6

21.0

20.3

19.7

19.0

18.4

17.8

17.3

16.7

16.2

15.6

15.1

14.6

14.2

13.7

13.3

12.9

12.5

12.1

11.7

11.4

11.1

10.7

10.5

10.2

9.9

9.7

9.5

9.3

9.1

38.4

37.5

36.6

35.7

34.9

34.0

33.2

32.3

31.5

30.7

29.8

29.0

28.2

27.5

26.7

25.9

25.2

24.4

23.7

23.0

22.3

21.6

20.9

20.2

19.6

19.0

18.3

17.7

17.2

16.6

16.0

15.5

15.0

14.5

14.0

13.6

13.1

12.7

12.3

11.9

11.5

11.2

10.8

10.5

10.2

10.0

9.7

9.4

9.2

9.0

8.8

38.4

37.5

36.6

35.7

34.8

34.0

33.1

32.3

31.5

30.6

29.8

29.0

28.2

27.4

26.6

25.9

25.1

24.4

23.6

22.9

22.2

21.5

20.8

20.2

19.5

18.9

18.3

17.7

17.1

16.5

15.9

15.4

14.9

14.4

13.9

13.4

13.0

12.5

12.1

11.7

11.4

11.0

10.7

10.3

10.0

9.7

9.5

9.2

9.0

8.7

8.5

38.3

37.5

36.6

35.7

34.8

34.0

33.1

32.3

31.4

30.6

29.8

29.0

28.2

27.4

26.6

25.8

25.1

24.3

23.6

22.9

22.2

21.5

20.8

20.1

19.4

18.8

18.2

17.6

17.0

16.4

15.8

15.3

14.8

14.3

13.8

13.3

12.8

12.4

12.0

11.6

11.2

10.8

10.5

10.1

9.8

9.5

9.3

9.0

8.7

8.5

8.3

38.3

37.4

36.6

35.7

34.8

34.0

33.1

32.3

31.4

30.6

29.8

28.9

28.1

27.4

26.6

25.8

25.0

24.3

23.5

22.8

22.1

21.4

20.7

20.0

19.4

18.7

18.1

17.5

16.9

16.3

15.8

15.2

14.7

14.2

13.7

13.2

12.7

12.3

11.8

11.4

11.0

10.7

10.3

10.0

9.6

9.3

9.1

8.8

8.5

8.3

8.1

Publication 939 (12-2025)

17

Table II—Ordinary Joint Life and Last Survivor Annuities—Two Lives— Expected Return

Multiples—Continued

Ages

18

Male

86

87

88

89

90

Male

Female

91

92

93

94

95

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

38.3

37.4

36.5

35.7

34.8

33.9

33.1

32.2

31.4

30.6

29.7

28.9

28.1

27.3

26.5

25.8

25.0

24.3

23.5

22.8

22.1

21.4

20.7

20.0

19.3

18.7

18.1

17.4

16.8

16.2

15.7

15.1

14.6

14.1

13.6

13.1

12.6

12.1

11.7

11.3

10.9

10.5

10.2

9.8

9.5

9.2

8.9

8.6

8.3

8.1

7.9

7.7

7.5

7.3

7.1

7.0

38.3

37.4

36.5

35.7

34.8

33.9

33.1

32.2

31.4

30.5

29.7

28.9

28.1

27.3

26.5

25.7

25.0

24.2

23.5

22.7

22.0

21.3

20.6

19.9

19.3

18.6

18.0

17.4

16.8

16.2

15.6

15.0

14.5

14.0

13.5

13.0

12.5

12.0

11.6

11.2

10.8

10.4

10.0

9.7

9.3

9.0

8.7

8.4

8.2

7.9

7.7

7.5

7.3

7.1

6.9

6.8

38.3

37.4

36.5

35.6

34.8

33.9

33.1

32.2

31.4

30.5

29.7

28.9

28.1

27.3

26.5

25.7

24.9

24.2

23.4

22.7

22.0

21.3

20.6

19.9

19.2

18.6

17.9

17.3

16.7

16.1

15.5

15.0

14.4

13.9

13.4

12.9

12.4

11.9

11.5

11.1

10.7

10.3

9.9

9.5

9.2

8.9

8.6

8.3

8.0

7.8

7.5

7.3

7.1

6.9

6.7

6.6

38.3

37.4

36.5

35.6

34.8

33.9

33.0

32.2

31.4

30.5

29.7

28.9

28.1

27.3

26.5

25.7

24.9

24.2

23.4

22.7

22.0

21.3

20.6

19.9

19.2

18.5

17.9

17.3

16.7

16.1

15.5

14.9

14.4

13.8

13.3

12.8

12.3

11.8

11.4

11.0

10.5

10.2

9.8

9.4

9.1

8.7

8.4

8.1

7.9

7.6

7.4

7.1

6.9

6.7

6.5

6.4

38.3

37.4

36.5

35.6

34.8

33.9

33.0

32.2

31.3

30.5

29.7

28.9

28.0

27.2

26.5

25.7

24.9

24.1

23.4

22.7

21.9

21.2

20.5

19.8

19.2

18.5

17.9

17.2

16.6

16.0

15.4

14.8

14.3

13.8

13.2

12.7

12.2

11.8

11.3

10.9

10.5

10.1

9.7

9.3

8.9

8.6

8.3

8.0

7.7

7.5

7.2

7.0

6.8

6.6

6.4

6.2

Publication 939 (12-2025)

Table III—Percent Value of Refund Feature

Ages

Male

Duration of guaranteed amount

Female

1

year

Percent

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

2

2

2

2

2

2

2

3

3

3

3

4

4

4

4

5

5

5

6

6

7

7

8

8

2

years

9

years

10

years

11

years

12

years

Percent Percent Percent Percent Percent Percent Percent Percent

Percent

Percent

Percent Percent

2

2

2

2

2

3

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

18

20

21

22

24

25

27

29

30

32

34

36

38

40

42

44

46

48

50

52

55

57

59

2

2

2

2

3

3

3

3

4

4

4

4

5

5

5

6

6

7

7

8

8

9

10

10

11

12

13

14

15

16

17

18

19

21

22

23

25

26

28

30

31

33

35

37

39

41

43

45

47

49

51

54

56

58

60

62

Publication 939 (12-2025)

—

—

—

—

—

—

—

—

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

2

2

2

2

2

2

3

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

9

10

11

11

12

13

14

15

16

3

years

—

—

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

2

2

2

2

2

2

2

3

3

3

3

4

4

4

4

5

5

6

6

6

7

7

8

8

9

10

11

11

12

13

14

15

16

17

18

19

21

22

23

4

years

1

1

1

1

1

1

1

1

1

1

1

1

1

2

2

2

2

2

2

2

3

3

3

3

4

4

4

4

5

5

6

6

6

7

7

8

9

9

10

11

11

12

13

14

15

16

17

18

19

21

22

24

25

27

28

30

5

years

1

1

1

1

1

1

1

1

1

1

2

2

2

2

2

2

3

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

19

20

21

23

24

26

27

29

31

32

34

36

6

years

1

1

1

1

1

1

1

2

2

2

2

2

2

2

3

3

3

3

4

4

4

4

5

5

6

6

6

7

7

8

9

9

10

11

11

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

32

34

36

38

40

42

7

years

1

1

1

1

2

2

2

2

2

2

2

3

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

9

10

11

12

13

13

14

15

16

18

19

20

21

23

24

26

27

29

31

33

34

36

38

40

42

45

47

8

years

1

1

2

2

2

2

2

2

2

3

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

10

10

11

12

13

14

14

16

17

18

19

20

22

23

24

26

28

29

31

33

35

37

38

41

43

45

47

49

51

2

2

2

2

2

2

2

3

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

10

10

11

12

13

13

14

15

16

18

19

20

21

23

24

26

27

29

31

33

34

36

38

40

42

44

47

49

51

53

55

2

2

3

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

19

20

21

23

24

26

27

29

30

32

34

36

38

40

42

44

46

48

50

52

55

57

59

61

63

65

13

years

2

3

3

3

3

4

4

4

4

5

5

5

6

6

7

7

8

8

9

10

10

11

12

13

14

15

16

17

18

19

20

22

23

25

26

28

29

31

33

35

37

39

41

43

45

47

49

51

53

55

57

59

61

63

65

67

19

Table III—Percent Value of Refund Feature—Continued

Ages

Male

Duration of guaranteed amount

Female

14

years

15

years

16

years

17

years

18

years

19

years

20

years

21

years

22

years

23

years

24

years

25

years

Percent Percent Percent Percent Percent Percent Percent Percent Percent Percent Percent Percent

20

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

3

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

9

10

11

11

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

32

34

35

37

39

41

43

45

48

50

52

54

56

58

60

62

64

66

68

70

3

3

3

4

4

4

5

5

5

6

6

7

7

8

8

9

10

10

11

12

13

13

14

15

16

18

19

20

21

23

24

26

27

29

30

32

34

36

38

40

42

44

46

48

50

52

54

56

58

60

62

64

66

68

70

72

3

4

4

4

4

5

5

5

6

6

7

7

8

8

9

10

10

11

12

13

14

15

16

17

18

19

20

22

23

24

26

28

29

31

33

34

36

38

40

42

44

46

48

50

53

55

57

59

61

63

65

66

68

70

72

73

4

4

4

4

5

5

6

6

6

7

7

8

9

9

10

11

11

12

13

14

15

16

17

18

19

20

22

23

25

26

28

29

31

33

35

37

39

41

43

45

47

49

51

53

55

57

59

61

63

65

67

68

70

72

73

75

4

4

4

5

5

6

6

6

7

7

8

9

9

10

11

11

12

13

14

15

16

17

18

19

21

22

23

25

26

28

30

31

33

35

37

39

41

43

45

47

49

51

53

55

57

59

61

63

65

67

68

70

72

73

75

76

4

5

5

5

6

6

7

7

8

8

9

9

10

11

11

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

32

33

35

37

39

41

43

45

47

49

51

53

55

57

59

61

63

65

66

68

70

72

73

75

76

77

5

5

5

6

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

32

33

35

37

39

41

43

45

47

49

51

53

55

57

59

61

63

65

66

68

70

71

73

74

76

77

79

5

5

6

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

32

33

35

37

39

41

43

45

47

49

51

53

55

57

59

61

63

64

66

68

70

71

73

74

76

77

78

—

5

6

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

19

20

21

22

24

25

27

28

30

32

33

35

37

39

41

43

45

47

49

51

53

55

57

59

61

62

64

66

68

69

71

73

74

75

77

78

—

—

6

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

32

33

35

37

39

41

43

45

47

49

51

53

55

57

58

60

62

64

66

67

69

71

72

74

75

76

78

—

—

—

6

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

32

33

35

37

39

41

43

45

47

48

50

52

54

56

58

60

62

64

65

67

69

70

72

73

75

76

77

—

—

—

—

7

7

8

8

9

9

10

11

12

12

13

14

15

16

17

18

20

21

22

24

25

27

28

30

31

33

35

37

39

41

42

44

46

48

50

52

54

56

58

60

62

63

65

67

68

70

72

73

74

76

77

—

—

—

—

—

Publication 939 (12-2025)

Table IV—Temporary Life Annuities*—One Life—Expected Return Multiples

Ages

Temporary period—maximum duration of annuity

Male

Female

1

2

3

Years

4

5

6

7

8

9

10

0 to 8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

0 to 13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

2.9

2.9

2.9

2.9

2.9

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

4.0

3.9

3.9

3.9

3.9

3.9

3.9

3.9

3.9

3.9

3.9

3.9

3.9

3.9

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

5.0

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.9

4.8

4.8

4.8

4.8

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

6.0

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.9

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.7

5.7

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

7.0

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.9

6.8

6.8

6.8

6.8

6.8

6.8

6.8

6.7

6.7

6.7

6.7

6.7

6.6

6.6

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

8.0

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.9

7.8

7.8

7.8

7.8

7.8

7.8

7.8

7.7

7.7

7.7

7.7

7.7

7.6

7.6

7.6

7.5

7.5

7.5

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.9

8.8

8.8

8.8

8.8

8.8

8.8

8.8

8.7

8.7

8.7

8.7

8.6

8.6

8.6

8.6

8.5

8.5

8.4

8.4

8.4

8.3

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.9

9.8

9.8

9.8

9.8

9.8

9.8

9.7

9.7

9.7

9.7

9.7

9.6

9.6

9.6

9.5

9.5

9.5

9.4

9.4

9.3

9.3

9.2

9.2

9.1

*See footnote at end of table.

Publication 939 (12-2025)

21

Table IV—Temporary Life Annuities*—One Life—Expected Return Multiples—Continued

Ages

Temporary period—maximum duration of annuity

Male

Female

1

2

3

Years

4

5

6

7

8

9

10

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

1.0

0.9

0.9

0.9

0.9

2.0

2.0

2.0

2.0

2.0

2.0

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.9

1.8

1.8

1.8

1.8

1.8

1.8

1.8

1.8

2.9

2.9

2.9

2.9

2.9

2.9

2.9

2.9

2.9

2.9

2.8

2.8

2.8

2.8

2.8

2.8

2.8

2.7

2.7

2.7

2.7

2.7

2.6

2.6

2.6

2.6

2.5

2.5

2.5

3.9

3.9

3.8

3.8

3.8

3.8

3.8

3.8

3.8

3.7

3.7

3.7

3.7

3.7

3.6

3.6

3.6

3.5

3.5

3.5

3.4

3.4

3.4

3.3

3.3

3.2

3.2

3.1

3.1

4.8

4.8

4.8

4.7

4.7

4.7

4.7

4.6

4.6

4.6

4.6

4.5

4.5

4.5

4.4

4.4

4.3

4.3

4.2

4.2

4.1

4.1

4.0

3.9

3.9

3.8

3.7

3.6

3.6

5.7

5.7

5.6

5.6

5.6

5.6

5.5

5.5

5.4

5.4

5.4

5.3

5.3

5.2

5.2

5.1

5.0

5.0

4.9

4.8

4.7

4.7

4.6

4.5

4.4

4.3

4.2

4.1

4.0

6.6

6.5

6.5

6.5

6.4

6.4

6.3

6.3

6.2

6.2

6.1

6.1

6.0

5.9

5.8

5.8

5.7

5.6

5.5

5.4

5.3

5.2

5.1

5.0

4.8

4.7

4.6

4.5

4.3

7.4

7.4

7.3

7.3

7.2

7.2

7.1

7.1

7.0

6.9

6.8

6.8

6.7

6.5

6.5

6.4

6.3

6.2

6.1

5.9

5.8

5.7

5.5

5.4

5.2

5.1

4.9

4.8

4.6

8.3

8.2

8.1

8.1

8.0

7.9

7.9

7.8

7.7

7.6

7.5

7.4

7.3

7.2

7.1

7.0

6.8

6.7

6.5

6.4

6.2

6.1

5.9

5.7

5.6

5.4

5.2

5.0

4.8

9.1

9.0

8.9

8.8

8.8

8.7

8.6

8.5

8.4

8.3

8.2

8.0

7.9

7.8

7.6

7.5

7.3

7.1

7.0

6.8

6.6

6.4

6.2

6.0

5.8

5.6

5.4

5.2

5.0

Ages

Temporary period—maximum duration of annuity

Male

Female

11

12

13

14

15

0 to 8

9

10

11

12

13

14

15

16

17

18

19

20

21

0 to 13

14

15

16

17

18

19

20

21

22

23

24

25

26

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

11.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

12.9

13.9

13.9

13.9

13.9

13.9

13.9

13.9

13.9

13.9

13.9

13.9

13.9

13.9

13.8

14.9

14.9

14.9

14.9

14.9

14.9

14.9

14.9

14.8

14.8

14.8

14.8

14.8

14.8

Years

16

17

18

19

20

15.8

15.8

15.8

15.8

15.8

15.8

15.8

15.8

15.8

15.8

15.8

15.8

15.8

15.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

16.8

17.8

17.8

17.8

17.8

17.8

17.8

17.8

17.8

17.8

17.8

17.8

17.7

17.7

17.7

18.8

18.8

18.8

18.8

18.8

18.8

18.8

18.7

18.7

18.7

18.7

18.7

18.7

18.7

19.7

19.7

19.7

19.7

19.7

19.7

19.7

19.7

19.7

19.7

19.7

19.7

19.7

19.6

*See footnote at end of table.

22

Publication 939 (12-2025)

Table IV—Temporary Life Annuities*—One Life—Expected Return Multiples—Continued

Ages

Temporary period—maximum duration of annuity

Male

Female

11

12

13

Years

14

15

16

17

18

19

20

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.9

10.8

10.8

10.8

10.8

10.8

10.8

10.8

10.7

10.7

10.7

10.7

10.6

10.6

10.6

10.5

10.5

10.5

10.4

10.4

10.3

10.3

10.2

10.2

10.1

10.1

10.0

9.9

9.8

9.8

9.7

9.6

9.5

9.4

9.3

9.1

9.0

8.9

8.7

8.6

8.4

8.3

11.9

11.9

11.9

11.9

11.9

11.9

11.8

11.8

11.8

11.8

11.8

11.8

11.8

11.7

11.7

11.7

11.7

11.6

11.6

11.6

11.6

11.5

11.5

11.4

11.4

11.4

11.3

11.3

11.2

11.1

11.1

11.0

10.9

10.9

10.8

10.7

10.6

10.5

10.4

10.3

10.2

10.0

9.9

9.8

9.6

9.5

9.3

9.1

8.9

8.7

12.9

12.9

12.9

12.8

12.8

12.8

12.8

12.8

12.8

12.8

12.7

12.7

12.7

12.7

12.7

12.6

12.6

12.6

12.5

12.5

12.5

12.4

12.4

12.3

12.3

12.2

12.2

12.1

12.0

12.0

11.9

11.8

11.7

11.6

11.5

11.4

11.3

11.2

11.1

11.0

10.8

10.7

10.5

10.3

10.2

10.0

9.8

9.6

9.4

9.2

13.8

13.8

13.8

13.8

13.8

13.8

13.8

13.8

13.7

13.7

13.7

13.7

13.6

13.6

13.6

13.6

13.5

13.5

13.5

13.4

13.4

13.3

13.3

13.2

13.2

13.1

13.0

12.9

12.9

12.8

12.7

12.6

12.5

12.4

12.3

12.2

12.0

11.9

11.7

11.6

11.4

11.3

11.1

10.9

10.7

10.5

10.3

10.0

9.8

9.6

15.8

15.8

15.8

15.7

15.7

15.7

15.7

15.7

15.6

15.6

15.6

15.6

15.5

15.5

15.4

15.4

15.3

15.3

15.2

15.2

15.1

15.1

15.0

14.9

14.8

14.7

14.7

14.6

14.5

14.3

14.2

14.1

14.0

13.8

13.7

13.5

13.3

13.2

13.0

12.8

12.5

12.3

12.1

11.9

11.6

11.3

11.1

10.8

10.5

10.2

16.7

16.7

16.7

16.7

16.7

16.7

16.6

16.6

16.6

16.5

16.5

16.5

16.4

16.4

16.3

16.3

16.2

16.2

16.1

16.1

16.0

15.9

15.8

15.7

15.7

15.6

15.4

15.3

15.2

15.1

14.9

14.8

14.6

14.5

14.3

14.1

13.9

13.7

13.5

13.3

13.1

12.8

12.5

12.3

12.0

11.7

11.4

11.1

10.8

10.4

17.7

17.7

17.7

17.7

17.6

17.6

17.6

17.6

17.5

17.5

17.4

17.4

17.4

17.3

17.2

17.2

17.1

17.1

17.0

16.9

16.8

16.7

16.7

16.6

16.5

16.3

16.2

16.1

16.0

15.8

15.6

15.5

15.3

15.1

14.9

14.7

14.5

14.3

14.0

13.8

13.5

13.2

13.0

12.7

12.4

12.0

11.7

11.4

11.0

10.7

18.7

18.7

18.6

18.6

18.6

18.6

18.5

18.5

18.4

18.4

18.4

18.3

18.3

18.2

18.1

18.1

18.0

17.9

17.8

17.8

17.7

17.6

17.5

17.4

17.2

17.1

17.0

16.8

16.7

16.5

16.3

16.1

15.9

15.7

15.5

15.3

15.0

14.8

14.5

14.2

14.0

13.7

13.3

13.0

12.7

12.3

12.0

11.6

11.2

10.9

19.6

19.6

19.6

19.6

19.5

19.5

19.5

19.4

19.4

19.3

19.3

19.2

19.2

19.1

19.0

18.9

18.9

18.8

18.7

18.6

18.5

18.4

18.3

18.1

18.0

17.8

17.7

17.5

17.4

17.2

17.0

16.8

16.5

16.3

16.1

15.8

15.5

15.3

15.0

14.7

14.3

14.0

13.7

13.3

13.0

12.6

12.2

11.8

11.4

11.0

14.8

14.8

14.8

14.8

14.8

14.8

14.7

14.7

14.7

14.7

14.6

14.6

14.6

14.6

14.5

14.5

14.4

14.4

14.4

14.3

14.3

14.2

14.1

14.1

14.0

13.9

13.8

13.8

13.7

13.6

13.5

13.4

13.2

13.1

13.0

12.8

12.7

12.5

12.4

12.2

12.0

11.8

11.6

11.4

11.2

10.9

10.7

10.4

10.2

9.9

*See footnote at end of table.

Publication 939 (12-2025)

23

Table IV—Temporary Life Annuities*—One Life—Expected Return Multiples—Continued

Ages

Temporary period—maximum duration of annuity

Male

Female

11

12

13

Years

14

15

16

17

18

19

20

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

8.1

7.9

7.7

7.6

7.4

7.1

6.9

6.7

6.5

6.3

6.0

5.8

5.6

5.3

5.1

8.6

8.3

8.1

7.9

7.7

7.5

7.2

7.0

6.7

6.5

6.2

6.0

5.7

5.5

5.2

8.9

8.7

8.5

8.2

8.0

7.7

7.4

7.2

6.9

6.6

6.4

6.1

5.8

5.5

5.3

9.3

9.0

8.8

8.5

8.2

7.9

7.6

7.3

7.1

6.8

6.5

6.2

5.9

5.6

5.3

9.6

9.3

9.0

8.7

8.4

8.1

7.8

7.5

7.2

6.9

6.5

6.2

5.9

5.6

—

9.9

9.6

9.2

8.9

8.6

8.3

7.9

7.6

7.3

6.9

6.6

6.3

6.0

—

—

10.1

9.8

9.4

9.1

8.7

8.4

8.0

7.7

7.3

7.0

6.7

6.3

—

—

—

10.3

9.9

9.6

9.2

8.8

8.5

8.1

7.7

7.4

7.0

6.7

—

—

—

—

10.5

10.1

9.7

9.3

8.9

8.5

8.2

7.8

7.4

7.1

—

—

—

—

—

10.6

10.2

9.8

9.4

9.0

8.6

8.2

7.8

7.4

—

—

—

—

—

—

Ages

Temporary period—maximum duration of annuity

Years

Male

Female

21

22

23

24

25

0 to 8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

0 to 13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

20.7

20.7

20.7

20.7

20.7

20.7

20.7

20.7

20.7

20.7

20.7

20.6

20.6

20.6

20.6

20.6

20.5

20.5

20.5

20.4

20.4

20.3

20.3

20.2

20.2

20.1

20.0

20.0

21.7

21.7

21.7

21.7

21.7

21.7

21.7

21.6

21.6

21.6

21.6

21.6

21.6

21.5

21.5

21.5

21.5

21.4

21.4

21.3

21.3

21.2

21.2

21.1

21.1

21.0

20.9

20.8

22.7

22.7

22.7

22.6

22.6

22.6

22.6

22.6

22.6

22.6

22.6

22.5

22.5

22.5

22.5

22.4

22.4

22.4

22.3

22.3

22.2

22.1

22.1

22.0

21.9

21.9

21.8

21.7

23.6

23.6

23.6

23.6

23.6

23.6

23.6

23.6

23.6

23.5

23.5

23.5

23.5

23.4

23.4

23.4

23.3

23.3

23.2

23.2

23.1

23.0

23.0

22.9

22.8

22.7

22.6

22.5

24.6

24.6

24.6

24.6

24.6

24.6

24.5

24.5

24.5

24.5

24.5

24.4

24.4

24.4

24.3

24.3

24.2

24.2

24.1

24.1

24.0

23.9

23.8

23.8

23.7

23.6

23.5

23.3

26

27

28

29

30

25.6

25.6

25.5

25.5

25.5

25.5

25.5

25.5

25.5

25.4

25.4

25.4

25.3

25.3

25.3

25.2

25.2

25.1

25.0

25.0

24.9

24.8

24.7

24.6

24.5

24.4

24.3

24.2

26.5

26.5

26.5

26.5

26.5

26.5

26.4

26.4

26.4

26.4

26.3

26.3

26.3

26.2

26.2

26.1

26.1

26.0

25.9

25.8

25.8

25.7

25.6

25.5

25.4

25.2

25.1

25.0

27.5

27.5

27.5

27.4

27.4

27.4

27.4

27.4

27.3

27.3

27.3

27.2

27.2

27.1

27.1

27.0

27.0

26.9

26.8

26.7

26.6

26.5

26.4

26.3

26.2

26.0

25.9

25.7

28.4

28.4

28.4

28.4

28.4

28.4

28.3

28.3

28.3

28.2

28.2

28.1

28.1

28.0

28.0

27.9

27.8

27.8

27.7

27.6

27.5

27.4

27.2

27.1

27.0

26.8

26.7

26.5

29.4

29.4

29.4

29.3

29.3