Tax Facts

619 / Does the interest of a donee spouse in a joint and survivor annuity qualify for the marital deduction?

The interest of a donee spouse in a joint and survivor annuity in which only the donor and donee spouses have a right to receive payments during the spouses’ joint lifetimes is treated as qualified terminable interest property (“QTIP”) for which the marital deduction is available unless the donor spouse irrevocably elects otherwise within the time allowed for filing a gift tax return.1

1. IRC § 2523(f)(6).

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