Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 65-28

1965-1 C.B. 527

Full Text

Rev. Rul. 65-28 /1/

The following instructions should be followed by employers in filing information returns for 1964 under section 6052(a) of the Internal Revenue Code of 1954 (relating to returns  regarding payment of wages in the form of group-term life insurance):

The return should be made on Form 1099, U.S. Information Return for Calendar Year, on or before February 28, 1965, and should contain the following information:

(i) The employer's name, address, and identifying number;

(ii) The employee's name, address, and social security number: and

(iii) The total amount includible in the employee's gross income by reason of section 79 of the Code, computed as if each employee reported his income on a calendar year basis (determined as if the employer making the return is the only employer paying wages to the employee in the form of group-term life insurance).

The following table should be used in computing the cost of groupterm life insurance on an employee's life for purposes of determining the amount includible in his gross income with respect to such insurance:

Uniform premiums for $1,000 of group-term life insurance protection.

                                                       Cost per $1,000

        5-year age bracket                              of protection

                                                         for 1-month

                                                           period

Under 30..................................................8 cents

30 to 34..................................................10 cents

35 to 39..................................................14 cents

40 to 44..................................................23 cents

45 to 49..................................................40 cents

50 to 54..................................................68 cents

55 to 59..................................................$1.10

60 to 64..................................................$1.63

In using the above table, the age of the employee is his attained age on the last day of his taxable year. However, if an employee has attained an age greater than age 64, he shall be treated as if he were in the 5-year age bracket, 60 to 64.

/1/ Based on Technical Information Releases 669 and 682, dated Dec. 24, 1964, and Jan. 27, 1965.