# (Rev. December 2025)

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URL: https://www.frixlaw.com/law-library/documents/agency%3Airs%3A2471a8c12537f190

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

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.
Go to IRS.gov/Forms to download current and prior-year
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
prior-year forms and instructions. The IRS will process
your order for forms and publications as soon as possible.
Don’t resubmit requests you’ve already sent us. You can
get forms and publications faster online.

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
29.3
29.3
29.2
29.2
29.2
29.1
29.1
29.0
28.9
28.9
28.8
28.7
28.6
28.5
28.4
28.3
28.2
28.1
27.9
27.8
27.6
27.4
27.2

*See footnote at end of table.

24

Publication 939 (12-2025)

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

Temporary period—maximum duration of annuity

Male

Female

21

22

23

Years
24
25

26

27

28

29

30

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

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

19.9
19.8
19.7
19.6
19.5
19.4
19.3
19.2
19.0
18.9
18.7
18.6
18.4
18.2
18.0
17.8
17.6
17.4
17.1
16.9
16.6
16.3
16.0
15.7
15.4
15.1
14.7
14.4
14.0
13.6
13.2
12.8
12.4
12.0
11.6
11.2
10.7
10.3
9.9
9.5
9.1
8.6
8.2
7.8

20.7
20.6
20.5
20.4
20.3
20.2
20.1
19.9
19.8
19.6
19.4
19.3
19.1
18.9
18.7
18.4
18.2
17.9
17.7
17.4
17.1
16.8
16.5
16.1
15.8
15.4
15.0
14.6
14.3
13.8
13.4
13.0
12.6
12.1
11.7
11.3
10.8
10.4
9.9
9.5
9.1
8.7
8.3
—

21.6
21.5
21.4
21.2
21.1
21.0
20.8
20.7
20.5
20.3
20.1
19.9
19.7
19.5
19.3
19.0
18.7
18.5
18.2
17.9
17.5
17.2
16.9
16.5
16.1
15.7
15.3
14.9
14.5
14.1
13.6
13.2
12.7
12.3
11.8
11.3
10.9
10.4
10.0
9.6
9.1
8.7
—
—

22.4
22.3
22.2
22.0
21.9
21.7
21.6
21.4
21.2
21.0
20.8
20.6
20.4
20.1
19.8
19.6
19.3
19.0
18.7
18.3
18.0
17.6
17.2
16.8
16.4
16.0
15.6
15.1
14.7
14.2
13.8
13.3
12.8
12.4
11.9
11.4
10.9
10.5
10.0
9.6
9.1
—
—
—

24.0
23.9
23.7
23.6
23.4
23.2
23.0
22.8
22.6
22.3
22.1
21.8
21.5
21.2
20.9
20.6
20.2
19.9
19.5
19.1
18.7
18.3
17.9
17.4
17.0
16.5
16.0
15.5
15.0
14.5
14.0
13.5
13.0
12.5
12.0
11.5
11.0
10.5
10.1
—
—
—
—
—

24.8
24.6
24.5
24.3
24.1
23.9
23.7
23.4
23.2
22.9
22.7
22.4
22.1
21.7
21.4
21.1
20.7
20.3
19.9
19.5
19.0
18.6
18.1
17.7
17.2
16.7
16.2
15.7
15.2
14.6
14.1
13.6
13.1
12.6
12.0
11.5
11.0
10.5
—
—
—
—
—
—

25.6
25.4
25.2
25.0
24.8
24.6
24.3
24.1
23.8
23.5
23.2
22.9
22.6
22.2
21.9
21.5
21.1
20.7
20.2
19.8
19.3
18.9
18.4
17.9
17.4
16.9
16.3
15.8
15.3
14.7
14.2
13.7
13.1
12.6
12.1
11.6
11.0
—
—
—
—
—
—
—

26.3
26.1
25.9
25.7
25.5
25.2
25.0
24.7
24.4
24.1
23.8
23.4
23.1
22.7
22.3
21.9
21.5
21.0
20.6
20.1
19.6
19.1
18.6
18.1
17.5
17.0
16.4
15.9
15.3
14.8
14.2
13.7
13.2
12.6
12.1
11.6
—
—
—
—
—
—
—
—

27.0
26.8
26.6
26.4
26.1
25.9
25.6
25.3
25.0
24.6
24.3
23.9
23.5
23.1
22.7
22.3
21.8
21.3
20.8
20.3
19.8
19.3
18.8
18.2
17.7
17.1
16.5
16.0
15.4
14.9
14.3
13.7
13.2
12.6
12.1
—
—
—
—
—
—
—
—
—

23.2
23.1
23.0
22.8
22.6
22.5
22.3
22.1
21.9
21.7
21.5
21.2
21.0
20.7
20.4
20.1
19.8
19.4
19.1
18.7
18.4
18.0
17.6
17.1
16.7
16.3
15.8
15.3
14.9
14.4
13.9
13.4
12.9
12.4
12.0
11.5
11.0
10.5
10.1
9.6
—
—
—
—

*The multiples in this table are not applicable to annuities for a term certain; for such cases see sec. 1.72-5(c) of the Income Tax Regulations.

Publication 939 (12-2025)

25

TABLE V—ORDINARY LIFE ANNUITIES ONE LIFE—EXPECTED RETURN MULTIPLES

26

AGE

MULTIPLE

AGE

MULTIPLE

AGE

MULTIPLE

5
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
36
37
38
39
40
41

76.6
75.6
74.7
73.7
72.7
71.7
70.7
69.7
68.8
67.8
66.8
65.8
64.8
63.9
62.9
61.9
60.9
59.9
59.0
58.0
57.0
56.0
55.1
54.1
53.1
52.2
51.2
50.2
49.3
48.3
47.3
46.4
45.4
44.4
43.5
42.5
41.5

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

40.6
39.6
38.7
37.7
36.8
35.9
34.9
34.0
33.1
32.2
31.3
30.4
29.5
28.6
27.7
26.8
25.9
25.0
24.2
23.3
22.5
21.6
20.8
20.0
19.2
18.4
17.6
16.8
16.0
15.3
14.6
13.9
13.2
12.5
11.9
11.2
10.6

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
112
113
114
115

10.0
9.5
8.9
8.4
7.9
7.4
6.9
6.5
6.1
5.7
5.3
5.0
4.7
4.4
4.1
3.9
3.7
3.4
3.2
3.0
2.8
2.7
2.5
2.3
2.1
1.9
1.8
1.6
1.4
1.3
1.1
1.0
0.9
0.8
0.7
0.6
0.5

Publication 939 (12-2025)

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

5

6

7

8

9

10

11

12

13

14

5
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
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

83.8
83.3
82.8
82.4
82.0
81.6
81.2
80.9
80.6
80.3
80.0
79.8
79.5
79.3
79.1
78.9
78.7
78.6
78.4
78.3
78.2
78.0
77.9
77.8
77.7
77.7
77.6
77.5
77.5
77.4
77.3
77.3
77.2
77.2
77.2
77.1
77.1
77.0
77.0
77.0
77.0
76.9
76.9
76.9
76.9
76.9
76.8
76.8
76.8
76.8
76.8
76.8
76.8
76.8
76.7
76.7
76.7
76.7

83.3
82.8
82.3
81.8
81.4
81.0
80.6
80.3
79.9
79.6
79.3
79.0
78.8
78.5
78.3
78.1
77.9
77.7
77.6
77.4
77.3
77.2
77.1
76.9
76.8
76.8
76.7
76.6
76.5
76.5
76.4
76.3
76.3
76.2
76.2
76.2
76.1
76.1
76.1
76.0
76.0
76.0
75.9
75.9
75.9
75.9
75.9
75.9
75.8
75.8
75.8
75.8
75.8
75.8
75.8
75.8
75.7
75.7

82.8
82.3
81.8
81.3
80.9
80.4
80.0
79.6
79.3
78.9
78.6
78.3
78.0
77.8
77.5
77.3
77.1
76.9
76.7
76.6
76.4
76.3
76.2
76.1
76.0
75.9
75.8
75.7
75.6
75.5
75.5
75.4
75.4
75.3
75.3
75.2
75.2
75.1
75.1
75.1
75.0
75.0
75.0
75.0
74.9
74.9
74.9
74.9
74.9
74.8
74.8
74.8
74.8
74.8
74.8
74.8
74.8
74.8

82.4
81.8
81.3
80.8
80.3
79.9
79.4
79.0
78.6
78.3
77.9
77.6
77.3
77.0
76.8
76.5
76.3
76.1
75.9
75.7
75.6
75.4
75.3
75.2
75.1
75.0
74.9
74.8
74.7
74.6
74.5
74.5
74.4
74.4
74.3
74.3
74.2
74.2
74.1
74.1
74.1
74.0
74.0
74.0
74.0
73.9
73.9
73.9
73.9
73.9
73.9
73.8
73.8
73.8
73.8
73.8
73.8
73.8

82.0
81.4
80.9
80.3
79.8
79.3
78.9
78.4
78.0
77.6
77.3
76.9
76.6
76.3
76.0
75.8
75.5
75.3
75.1
74.9
74.8
74.6
74.4
74.3
74.2
74.1
74.0
73.9
73.8
73.7
73.6
73.5
73.5
73.4
73.4
73.3
73.3
73.2
73.2
73.1
73.1
73.1
73.1
73.0
73.0
73.0
73.0
72.9
72.9
72.9
72.9
72.9
72.9
72.8
72.8
72.8
72.8
72.8

81.6
81.0
80.4
79.9
79.3
78.8
78.3
77.9
77.4
77.0
76.6
76.3
75.9
75.6
75.3
75.0
74.8
74.5
74.3
74.1
73.9
73.8
73.6
73.4
73.3
73.2
73.1
73.0
72.9
72.8
72.7
72.6
72.6
72.5
72.4
72.4
72.3
72.3
72.2
72.2
72.2
72.1
72.1
72.1
72.0
72.0
72.0
72.0
71.9
71.9
71.9
71.9
71.9
71.9
71.9
71.8
71.8
71.8

81.2
80.6
80.0
79.4
78.9
78.3
77.8
77.3
76.9
76.4
76.0
75.6
75.3
74.9
74.6
74.3
74.0
73.8
73.5
73.3
73.1
72.9
72.8
72.6
72.5
72.3
72.2
72.1
72.0
71.9
71.8
71.7
71.6
71.6
71.5
71.4
71.4
71.3
71.3
71.2
71.2
71.2
71.1
71.1
71.1
71.0
71.0
71.0
71.0
71.0
70.9
70.9
70.9
70.9
70.9
70.9
70.9
70.8

80.9
80.3
79.6
79.0
78.4
77.9
77.3
76.8
76.3
75.9
75.4
75.0
74.6
74.3
73.9
73.6
73.3
73.0
72.8
72.6
72.3
72.1
71.9
71.8
71.6
71.5
71.3
71.2
71.1
71.0
70.9
70.8
70.7
70.6
70.6
70.5
70.4
70.4
70.3
70.3
70.2
70.2
70.2
70.1
70.1
70.1
70.1
70.0
70.0
70.0
70.0
69.9
69.9
69.9
69.9
69.9
69.9
69.9

80.6
79.9
79.3
78.6
78.0
77.4
76.9
76.3
75.8
75.3
74.9
74.4
74.0
73.6
73.3
72.9
72.6
72.3
72.0
71.8
71.6
71.3
71.1
70.9
70.8
70.6
70.5
70.3
70.2
70.1
70.0
69.9
69.8
69.7
69.6
69.6
69.5
69.4
69.4
69.3
69.3
69.3
69.2
69.2
69.1
69.1
69.1
69.1
69.0
69.0
69.0
69.0
69.0
68.9
68.9
68.9
68.9
68.9

80.3
79.6
78.9
78.3
77.6
77.0
76.4
75.9
75.3
74.8
74.3
73.9
73.4
73.0
72.6
72.3
71.9
71.6
71.3
71.1
70.8
70.6
70.3
70.1
70.0
69.8
69.6
69.5
69.3
69.2
69.1
69.0
68.9
68.8
68.7
68.6
68.6
68.5
68.5
68.4
68.4
68.3
68.3
68.2
68.2
68.2
68.1
68.1
68.1
68.1
68.0
68.0
68.0
68.0
68.0
67.9
67.9
67.9

Publication 939 (12-2025)

27

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

5

6

7

8

9

10

11

12

13

14

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
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115

76.7
76.7
76.7
76.7
76.7
76.7
76.7
76.7
76.7
76.7
76.7
76.7
76.7
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6
76.6

75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.7
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6
75.6

74.8
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7
74.7

73.8
73.8
73.8
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7
73.7

72.8
72.8
72.8
72.8
72.8
72.8
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7
72.7

71.8
71.8
71.8
71.8
71.8
71.8
71.8
71.8
71.8
71.8
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7
71.7

70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.8
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7
70.7

69.9
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.8
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7
69.7

68.9
68.9
68.9
68.9
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8
68.8

67.9
67.9
67.9
67.9
67.9
67.9
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8
67.8

28

Publication 939 (12-2025)

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

15

16

17

18

19

20

21

22

23

24

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
63
64
65
66
67
68
69
70
71
72

73.8
73.3
72.9
72.4
72.0
71.6
71.3
70.9
70.6
70.3
70.1
69.8
69.6
69.3
69.1
69.0
68.8
68.6
68.5
68.3
68.2
68.1
68.0
67.9
67.8
67.7
67.7
67.6
67.5
67.5
67.4
67.4
67.3
67.3
67.2
67.2
67.2
67.1
67.1
67.1
67.1
67.0
67.0
67.0
67.0
67.0
67.0
66.9
66.9
66.9
66.9
66.9
66.9
66.9
66.9
66.9
66.9
66.9

73.3
72.8
72.3
71.9
71.4
71.0
70.7
70.3
70.0
69.6
69.3
69.1
68.8
68.6
68.4
68.2
68.0
67.8
67.6
67.5
67.4
67.2
67.1
67.0
66.9
66.8
66.7
66.7
66.6
66.5
66.5
66.4
66.4
66.3
66.3
66.2
66.2
66.2
66.2
66.1
66.1
66.1
66.1
66.0
66.0
66.0
66.0
66.0
66.0
65.9
65.9
65.9
65.9
65.9
65.9
65.9
65.9
65.9

72.9
72.3
71.8
71.3
70.9
70.5
70.0
69.7
69.3
69.0
68.6
68.3
68.1
67.8
67.6
67.4
67.2
67.0
66.8
66.6
66.5
66.4
66.2
66.1
66.0
65.9
65.8
65.7
65.7
65.6
65.5
65.5
65.4
65.4
65.3
65.3
65.3
65.2
65.2
65.2
65.1
65.1
65.1
65.1
65.0
65.0
65.0
65.0
65.0
65.0
65.0
64.9
64.9
64.9
64.9
64.9
64.9
64.9

72.4
71.9
71.3
70.8
70.4
69.9
69.5
69.0
68.7
68.3
68.0
67.6
67.3
67.1
66.8
66.6
66.4
66.2
66.0
65.8
65.6
65.5
65.4
65.2
65.1
65.0
64.9
64.8
64.8
64.7
64.6
64.6
64.5
64.4
64.4
64.3
64.3
64.3
64.2
64.2
64.2
64.1
64.1
64.1
64.1
64.1
64.0
64.0
64.0
64.0
64.0
64.0
64.0
64.0
63.9
63.9
63.9
63.9

72.0
71.4
70.9
70.4
69.8
69.4
68.9
68.5
68.1
67.7
67.3
67.0
66.7
66.4
66.1
65.8
65.6
65.4
65.2
65.0
64.8
64.7
64.5
64.4
64.2
64.1
64.0
63.9
63.8
63.8
63.7
63.6
63.6
63.5
63.5
63.4
63.4
63.3
63.3
63.2
63.2
63.2
63.2
63.1
63.1
63.1
63.1
63.1
63.0
63.0
63.0
63.0
63.0
63.0
63.0
63.0
62.9
62.9

71.6
71.0
70.5
69.9
69.4
68.8
68.4
67.9
67.5
67.1
66.7
66.3
66.0
65.7
65.4
65.1
64.8
64.6
64.4
64.2
64.0
63.8
63.7
63.5
63.4
63.3
63.1
63.0
62.9
62.9
62.8
62.7
62.6
62.6
62.5
62.5
62.4
62.4
62.3
62.3
62.3
62.2
62.2
62.2
62.1
62.1
62.1
62.1
62.1
62.1
62.0
62.0
62.0
62.0
62.0
62.0
62.0
62.0

71.3
70.7
70.0
69.5
68.9
68.4
67.9
67.4
66.9
66.5
66.1
65.7
65.3
65.0
64.7
64.4
64.1
63.8
63.6
63.4
63.2
63.0
62.8
62.7
62.5
62.4
62.3
62.2
62.1
62.0
61.9
61.8
61.7
61.6
61.6
61.5
61.5
61.4
61.4
61.3
61.3
61.3
61.2
61.2
61.2
61.2
61.1
61.1
61.1
61.1
61.1
61.1
61.0
61.0
61.0
61.0
61.0
61.0

70.9
70.3
69.7
69.0
68.5
67.9
67.4
66.9
66.4
65.9
65.5
65.1
64.7
64.3
64.0
63.7
63.4
63.1
62.8
62.6
62.4
62.2
62.0
61.8
61.7
61.5
61.4
61.3
61.2
61.1
61.0
60.9
60.8
60.7
60.7
60.6
60.5
60.5
60.4
60.4
60.4
60.3
60.3
60.3
60.2
60.2
60.2
60.2
60.1
60.1
60.1
60.1
60.1
60.1
60.0
60.0
60.0
60.0

70.6
70.0
69.3
68.7
68.1
67.5
66.9
66.4
65.9
65.4
64.9
64.5
64.1
63.7
63.3
63.0
62.7
62.4
62.1
61.9
61.6
61.4
61.2
61.0
60.8
60.7
60.5
60.4
60.3
60.2
60.1
60.0
59.9
59.8
59.7
59.7
59.6
59.6
59.5
59.5
59.4
59.4
59.3
59.3
59.3
59.2
59.2
59.2
59.2
59.2
59.1
59.1
59.1
59.1
59.1
59.1
59.1
59.0

70.3
69.6
69.0
68.3
67.7
67.1
66.5
65.9
65.4
64.9
64.4
63.9
63.5
63.1
62.7
62.3
62.0
61.7
61.4
61.1
60.9
60.6
60.4
60.2
60.0
59.9
59.7
59.6
59.4
59.3
59.2
59.1
59.0
58.9
58.8
58.8
58.7
58.6
58.6
58.5
58.5
58.4
58.4
58.4
58.3
58.3
58.3
58.2
58.2
58.2
58.2
58.2
58.1
58.1
58.1
58.1
58.1
58.1

Publication 939 (12-2025)

29

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

15

16

17

18

19

20

21

22

23

24

73
74
75
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
112
113
114
115

66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8
66.8

65.9
65.9
65.9
65.9
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8
65.8

64.9
64.9
64.9
64.9
64.9
64.9
64.9
64.9
64.9
64.9
64.9
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8
64.8

63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9
63.9

62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9
62.9

62.0
62.0
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9
61.9

61.0
61.0
61.0
61.0
61.0
61.0
61.0
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9
60.9

60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
60.0
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9
59.9

59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0
59.0

58.1
58.1
58.1
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0
58.0

30

Publication 939 (12-2025)

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

25

26

27

28

29

30

31

32

33

34

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
72
73
74
75
76
77
78
79
80
81
82

63.9
63.4
62.9
62.5
62.1
61.7
61.3
61.0
60.7
60.4
60.1
59.9
59.6
59.4
59.2
59.0
58.9
58.7
58.6
58.4
58.3
58.2
58.1
58.0
57.9
57.8
57.8
57.7
57.6
57.6
57.5
57.5
57.4
57.4
57.4
57.3
57.3
57.3
57.3
57.2
57.2
57.2
57.2
57.2
57.1
57.1
57.1
57.1
57.1
57.1
57.1
57.1
57.1
57.1
57.1
57.1
57.0
57.0

63.4
62.9
62.4
61.9
61.5
61.1
60.7
60.4
60.0
59.7
59.4
59.1
58.9
58.6
58.4
58.2
58.0
57.9
57.7
57.6
57.4
57.3
57.2
57.1
57.0
56.9
56.9
56.8
56.7
56.7
56.6
56.5
56.5
56.5
56.4
56.4
56.4
56.3
56.3
56.3
56.3
56.2
56.2
56.2
56.2
56.2
56.2
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1

62.9
62.4
61.9
61.4
60.9
60.5
60.1
59.7
59.4
59.0
58.7
58.4
58.1
57.9
57.7
57.4
57.2
57.1
56.9
56.7
56.6
56.5
56.3
56.2
56.1
56.0
55.9
55.9
55.8
55.7
55.7
55.6
55.6
55.5
55.5
55.4
55.4
55.4
55.3
55.3
55.3
55.3
55.3
55.2
55.2
55.2
55.2
55.2
55.2
55.2
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1

62.5
61.9
61.4
60.9
60.4
60.0
59.5
59.1
58.7
58.4
58.0
57.7
57.4
57.1
56.9
56.7
56.4
56.2
56.1
55.9
55.7
55.6
55.5
55.3
55.2
55.1
55.0
55.0
54.9
54.8
54.7
54.7
54.6
54.6
54.5
54.5
54.5
54.4
54.4
54.4
54.3
54.3
54.3
54.3
54.3
54.2
54.2
54.2
54.2
54.2
54.2
54.2
54.2
54.2
54.1
54.1
54.1
54.1

62.1
61.5
60.9
60.4
59.9
59.4
59.0
58.5
58.1
57.7
57.4
57.0
56.7
56.4
56.2
55.9
55.7
55.5
55.3
55.1
54.9
54.8
54.6
54.5
54.4
54.2
54.1
54.1
54.0
53.9
53.8
53.8
53.7
53.6
53.6
53.6
53.5
53.5
53.4
53.4
53.4
53.4
53.3
53.3
53.3
53.3
53.3
53.2
53.2
53.2
53.2
53.2
53.2
53.2
53.2
53.2
53.2
53.2

61.7
61.1
60.5
60.0
59.4
58.9
58.4
58.0
57.5
57.1
56.7
56.4
56.0
55.7
55.4
55.2
54.9
54.7
54.5
54.3
54.1
53.9
53.8
53.6
53.5
53.4
53.3
53.2
53.1
53.0
52.9
52.8
52.8
52.7
52.7
52.6
52.6
52.5
52.5
52.5
52.4
52.4
52.4
52.4
52.3
52.3
52.3
52.3
52.3
52.3
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2

61.3
60.7
60.1
59.5
59.0
58.4
57.9
57.4
57.0
56.5
56.1
55.8
55.4
55.1
54.7
54.5
54.2
53.9
53.7
53.5
53.3
53.1
52.9
52.8
52.6
52.5
52.4
52.3
52.2
52.1
52.0
51.9
51.9
51.8
51.7
51.7
51.6
51.6
51.6
51.5
51.5
51.5
51.4
51.4
51.4
51.4
51.3
51.3
51.3
51.3
51.3
51.3
51.3
51.3
51.2
51.2
51.2
51.2

61.0
60.4
59.7
59.1
58.5
58.0
57.4
56.9
56.4
56.0
55.6
55.1
54.8
54.4
54.1
53.8
53.5
53.2
52.9
52.7
52.5
52.3
52.1
51.9
51.8
51.7
51.5
51.4
51.3
51.2
51.1
51.0
50.9
50.9
50.8
50.8
50.7
50.7
50.6
50.6
50.5
50.5
50.5
50.4
50.4
50.4
50.4
50.4
50.3
50.3
50.3
50.3
50.3
50.3
50.3
50.3
50.3
50.3

60.7
60.0
59.4
58.7
58.1
57.5
57.0
56.4
55.9
55.5
55.0
54.6
54.2
53.8
53.4
53.1
52.8
52.5
52.2
52.0
51.7
51.5
51.3
51.1
51.0
50.8
50.7
50.5
50.4
50.3
50.2
50.1
50.0
50.0
49.9
49.8
49.8
49.7
49.7
49.6
49.6
49.6
49.5
49.5
49.5
49.4
49.4
49.4
49.4
49.4
49.4
49.3
49.3
49.3
49.3
49.3
49.3
49.3

60.4
59.7
59.0
58.4
57.7
57.1
56.5
56.0
55.5
54.9
54.5
54.0
53.6
53.2
52.8
52.4
52.1
51.8
51.5
51.2
51.0
50.7
50.5
50.3
50.1
50.0
49.8
49.7
49.6
49.4
49.3
49.2
49.1
49.1
49.0
48.9
48.9
48.8
48.7
48.7
48.7
48.6
48.6
48.6
48.5
48.5
48.5
48.5
48.4
48.4
48.4
48.4
48.4
48.4
48.4
48.3
48.3
48.3

Publication 939 (12-2025)

31

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

25

26

27

28

29

30

31

32

33

34

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

57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0
57.0

56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.1
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0
56.0

55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1
55.1

54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1
54.1

53.2
53.2
53.2
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1
53.1

52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2
52.2

51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2
51.2

50.3
50.3
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2
50.2

49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3
49.3

48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3
48.3

32

Publication 939 (12-2025)

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

35

36

37

38

39

40

41

42

43

44

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
91
92

54.0
53.5
53.0
52.6
52.2
51.8
51.4
51.1
50.8
50.5
50.2
50.0
49.7
49.5
49.3
49.2
49.0
48.8
48.7
48.6
48.5
48.3
48.3
48.2
48.1
48.0
47.9
47.9
47.8
47.8
47.7
47.7
47.6
47.6
47.6
47.5
47.5
47.5
47.5
47.5
47.4
47.4
47.4
47.4
47.4
47.4
47.4
47.4
47.4
47.4
47.4
47.3
47.3
47.3
47.3
47.3
47.3
47.3

53.5
53.0
52.5
52.0
51.6
51.2
50.8
50.4
50.1
49.8
49.5
49.2
49.0
48.8
48.5
48.4
48.2
48.0
47.9
47.7
47.6
47.5
47.4
47.3
47.2
47.1
47.0
47.0
46.9
46.8
46.8
46.7
46.7
46.7
46.6
46.6
46.6
46.6
46.5
46.5
46.5
46.5
46.5
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4

53.0
52.5
52.0
51.5
51.0
50.6
50.2
49.8
49.5
49.1
48.8
48.5
48.3
48.0
47.8
47.6
47.4
47.2
47.0
46.9
46.7
46.6
46.5
46.4
46.3
46.2
46.1
46.0
46.0
45.9
45.9
45.8
45.8
45.7
45.7
45.7
45.6
45.6
45.6
45.6
45.5
45.5
45.5
45.5
45.5
45.5
45.5
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4

52.6
52.0
51.5
51.0
50.5
50.0
49.6
49.2
48.8
48.5
48.1
47.8
47.5
47.3
47.0
46.8
46.6
46.4
46.2
46.0
45.9
45.8
45.6
45.5
45.4
45.3
45.2
45.1
45.1
45.0
44.9
44.9
44.8
44.8
44.8
44.7
44.7
44.7
44.6
44.6
44.6
44.6
44.6
44.5
44.5
44.5
44.5
44.5
44.5
44.5
44.5
44.5
44.5
44.5
44.4
44.4
44.4
44.4

52.2
51.6
51.0
50.5
50.0
49.5
49.1
48.6
48.2
47.8
47.5
47.2
46.8
46.6
46.3
46.0
45.8
45.6
45.4
45.2
45.1
44.9
44.8
44.7
44.5
44.4
44.3
44.2
44.2
44.1
44.0
44.0
43.9
43.9
43.8
43.8
43.8
43.7
43.7
43.7
43.6
43.6
43.6
43.6
43.6
43.6
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5

51.8
51.2
50.6
50.0
49.5
49.0
48.5
48.1
47.6
47.2
46.9
46.5
46.2
45.9
45.6
45.3
45.1
44.8
44.6
44.4
44.2
44.1
43.9
43.8
43.7
43.6
43.5
43.4
43.3
43.2
43.1
43.1
43.0
42.9
42.9
42.9
42.8
42.8
42.8
42.7
42.7
42.7
42.7
42.6
42.6
42.6
42.6
42.6
42.6
42.6
42.6
42.5
42.5
42.5
42.5
42.5
42.5
42.5

51.4
50.8
50.2
49.6
49.1
48.5
48.0
47.5
47.1
46.7
46.3
45.9
45.5
45.2
44.9
44.6
44.3
44.1
43.9
43.6
43.4
43.3
43.1
43.0
42.8
42.7
42.6
42.5
42.4
42.3
42.2
42.2
42.1
42.0
42.0
41.9
41.9
41.9
41.8
41.8
41.8
41.7
41.7
41.7
41.7
41.7
41.6
41.6
41.6
41.6
41.6
41.6
41.6
41.6
41.6
41.6
41.6
41.6

51.1
50.4
49.8
49.2
48.6
48.1
47.5
47.0
46.6
46.1
45.7
45.3
44.9
44.5
44.2
43.9
43.6
43.3
43.1
42.9
42.7
42.5
42.3
42.1
42.0
41.9
41.7
41.6
41.5
41.4
41.3
41.3
41.2
41.1
41.1
41.0
41.0
40.9
40.9
40.9
40.8
40.8
40.8
40.7
40.7
40.7
40.7
40.7
40.7
40.7
40.7
40.6
40.6
40.6
40.6
40.6
40.6
40.6

50.8
50.1
49.5
48.8
48.2
47.6
47.1
46.6
46.0
45.6
45.1
44.7
44.3
43.9
43.6
43.2
42.9
42.6
42.4
42.1
41.9
41.7
41.5
41.3
41.2
41.0
40.9
40.8
40.6
40.5
40.4
40.4
40.3
40.2
40.2
40.1
40.1
40.0
40.0
39.9
39.9
39.9
39.8
39.8
39.8
39.8
39.8
39.7
39.7
39.7
39.7
39.7
39.7
39.7
39.7
39.7
39.7
39.7

50.5
49.8
49.1
48.5
47.8
47.2
46.7
46.1
45.6
45.1
44.6
44.1
43.7
43.3
42.9
42.6
42.2
41.9
41.7
41.4
41.2
40.9
40.7
40.5
40.4
40.2
40.0
39.9
39.8
39.7
39.6
39.5
39.4
39.3
39.3
39.2
39.1
39.1
39.0
39.0
39.0
38.9
38.9
38.9
38.9
38.8
38.8
38.8
38.8
38.8
38.8
38.8
38.7
38.7
38.7
38.7
38.7
38.7

Publication 939 (12-2025)

33

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

35

36

37

38

39

40

41

42

43

44

93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115

47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3
47.3

46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4
46.4

45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4
45.4

44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4
44.4

43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5
43.5

42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5
42.5

41.6
41.6
41.6
41.6
41.6
41.6
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5
41.5

40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6
40.6

39.7
39.7
39.7
39.7
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6
39.6

38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7
38.7

34

Publication 939 (12-2025)

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

45

46

47

48

49

50

51

52

53

54

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
96
97
98
99
100
101
102

44.1
43.6
43.2
42.7
42.3
42.0
41.6
41.3
41.0
40.7
40.4
40.2
40.0
39.7
39.6
39.4
39.2
39.1
38.9
38.8
38.7
38.6
38.5
38.4
38.4
38.3
38.2
38.2
38.1
38.1
38.1
38.0
38.0
38.0
37.9
37.9
37.9
37.9
37.9
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8
37.8

43.6
43.1
42.6
42.2
41.8
41.4
41.0
40.6
40.3
40.0
39.7
39.5
39.2
39.0
38.8
38.6
38.4
38.3
38.1
38.0
37.9
37.8
37.7
37.6
37.5
37.4
37.3
37.3
37.2
37.2
37.1
37.1
37.1
37.0
37.0
37.0
37.0
36.9
36.9
36.9
36.9
36.9
36.9
36.9
36.9
36.9
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8

43.2
42.6
42.1
41.7
41.2
40.8
40.4
40.0
39.7
39.3
39.0
38.7
38.5
38.2
38.0
37.8
37.6
37.5
37.3
37.2
37.0
36.9
36.8
36.7
36.6
36.5
36.5
36.4
36.3
36.3
36.2
36.2
36.2
36.1
36.1
36.1
36.0
36.0
36.0
36.0
36.0
36.0
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9

42.7
42.2
41.7
41.2
40.7
40.2
39.8
39.4
39.0
38.7
38.4
38.1
37.8
37.5
37.3
37.1
36.9
36.7
36.5
36.3
36.2
36.1
36.0
35.8
35.7
35.7
35.6
35.5
35.4
35.4
35.3
35.3
35.3
35.2
35.2
35.2
35.1
35.1
35.1
35.1
35.1
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0

42.3
41.8
41.2
40.7
40.2
39.7
39.3
38.8
38.4
38.1
37.7
37.4
37.1
36.8
36.6
36.3
36.1
35.9
35.7
35.5
35.4
35.2
35.1
35.0
34.9
34.8
34.7
34.6
34.6
34.5
34.5
34.4
34.4
34.3
34.3
34.2
34.2
34.2
34.2
34.2
34.1
34.1
34.1
34.1
34.1
34.1
34.1
34.1
34.1
34.1
34.0
34.0
34.0
34.0
34.0
34.0
34.0
34.0

42.0
41.4
40.8
40.2
39.7
39.2
38.7
38.3
37.9
37.5
37.1
36.8
36.4
36.1
35.9
35.6
35.4
35.1
34.9
34.8
34.6
34.4
34.3
34.2
34.1
34.0
33.9
33.8
33.7
33.6
33.6
33.5
33.5
33.4
33.4
33.4
33.3
33.3
33.3
33.2
33.2
33.2
33.2
33.2
33.2
33.2
33.2
33.2
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1

41.6
41.0
40.4
39.8
39.3
38.7
38.2
37.8
37.3
36.9
36.5
36.1
35.8
35.5
35.2
34.9
34.6
34.4
34.2
34.0
33.8
33.6
33.5
33.4
33.2
33.1
33.0
32.9
32.8
32.8
32.7
32.6
32.6
32.5
32.5
32.5
32.4
32.4
32.4
32.3
32.3
32.3
32.3
32.3
32.3
32.3
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2

41.3
40.6
40.0
39.4
38.8
38.3
37.8
37.3
36.8
36.4
35.9
35.6
35.2
34.8
34.5
34.2
33.9
33.7
33.5
33.2
33.0
32.9
32.7
32.5
32.4
32.3
32.2
32.1
32.0
31.9
31.8
31.8
31.7
31.7
31.6
31.6
31.5
31.5
31.5
31.4
31.4
31.4
31.4
31.4
31.4
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3

41.0
40.3
39.7
39.0
38.4
37.9
37.3
36.8
36.3
35.8
35.4
35.0
34.6
34.2
33.9
33.6
33.3
33.0
32.7
32.5
32.3
32.1
31.9
31.8
31.6
31.5
31.4
31.2
31.1
31.1
31.0
30.9
30.8
30.8
30.7
30.7
30.7
30.6
30.6
30.6
30.5
30.5
30.5
30.5
30.5
30.5
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4

40.7
40.0
39.3
38.7
38.1
37.5
36.9
36.4
35.8
35.3
34.9
34.4
34.0
33.6
33.3
32.9
32.6
32.3
32.0
31.8
31.6
31.4
31.2
31.0
30.8
30.7
30.5
30.4
30.3
30.2
30.1
30.1
30.0
29.9
29.9
29.8
29.8
29.7
29.7
29.7
29.6
29.6
29.6
29.6
29.6
29.6
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5

Publication 939 (12-2025)

35

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

45

46

47

48

49

50

51

52

53

54

103
104
105
106
107
108
109
110
111
112
113
114
115

37.7
37.7
37.7
37.7
37.7
37.7
37.7
37.7
37.7
37.7
37.7
37.7
37.7

36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8
36.8

35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9
35.9

34.9
34.9
34.9
34.9
34.9
34.9
34.9
34.9
34.9
34.9
34.9
34.9
34.9

34.0
34.0
34.0
34.0
34.0
34.0
34.0
34.0
34.0
34.0
34.0
34.0
34.0

33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1
33.1

32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2
32.2

31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3
31.3

30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4
30.4

29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5
29.5

36

Publication 939 (12-2025)

TABLE VI—ORDINARY JOINT LIFE AND LAST SURVIVOR ANNUITIES TWO
LIVES—EXPECTED RETURN MULTIPLES
AGES

55

56

57

58

59

60

61

62

63

64

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
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112

34.4
33.9
33.5
33.1
32.7
32.3
32.0
31.7
31.4
31.1
30.9
30.6
30.4
30.2
30.1
29.9
29.7
29.6
29.5
29.4
29.3
29.2
29.1
29.1
29.0
29.0
28.9
28.9
28.8
28.8
28.8
28.7
28.7
28.7
28.7
28.7
28.7
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6
28.6

33.9
33.4
33.0
32.5
32.1
31.7
31.4
31.0
30.7
30.4
30.2
29.9
29.7
29.5
29.3
29.1
29.0
28.8
28.7
28.6
28.5
28.4
28.3
28.2
28.2
28.1
28.1
28.0
28.0
27.9
27.9
27.9
27.8
27.8
27.8
27.8
27.8
27.8
27.8
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7
27.7

33.5
33.0
32.5
32.0
31.6
31.2
30.8
30.4
30.1
29.8
29.5
29.2
29.0
28.8
28.6
28.4
28.2
28.1
27.9
27.8
27.7
27.6
27.5
27.4
27.3
27.3
27.2
27.2
27.1
27.1
27.0
27.0
27.0
27.0
26.9
26.9
26.9
26.9
26.9
26.9
26.9
26.9
26.8
26.8
26.8
26.8
26.8
26.8

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A2471a8c12537f190. Public record. Not legal advice.