Internal Revenue Bulletin 2022-5 (PDF rendition): IRS Notices

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Bulletin No. 2022–5
January 31, 2022
HIGHLIGHTS
OF THIS ISSUE
These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.
EMPLOYEE PLANS
Notice 2022-6, page 460.
This notice updates the life expectancy and mortality
tables used to determine substantially equal period-
ic payments under the methods set forth in Rev. Rul.
2002-62 and provides a 5 percent floor on the maxi-
mum interest rates that may be used to calculate annui-
ty payments under the fixed amortization and annuitiza-
tion methods. This notice also modifies the guidance in
Notice 2004-15 to apply these changes for purposes
of section 72(q).
INCOME TAX
Notice 2022-5, page 457.
Because of the Coronavirus Disease 2019 (COVID-19)
pandemic, the Department of the Treasury and the
Internal Revenue Service issued Notice 2021-12,
2021-6 I.R.B. 828, as clarified by Notice 2021-17,
2021-14 I.R.B. 984, to provide temporary relief from
certain requirements under § 42 of the Internal Rev-
enue Code (Code) for qualified low-income housing
projects and under §§ 142(d) and 147(d) of the Code
for qualified residential rental projects. In response
to the continuing presence of the pandemic and pre-
cautions necessitated by new disease variants, this
notice provides certain new relief and extends that
temporary relief for certain requirements addressed
in Notice 2021-12.
Finding Lists begin on page ii.

The IRS Mission
Provide America’s taxpayers top-quality service by helping
them understand and meet their tax responsibilities and en-
force the law with integrity and fairness to all.
Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing of-
ficial rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly.
It is the policy of the Service to publish in the Bulletin all sub-
stantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless other-
wise indicated. Procedures relating solely to matters of inter-
nal management are not published; however, statements of
internal practices and procedures that affect the rights and
duties of taxpayers are published.
Revenue rulings represent the conclusions of the Service
on the application of the law to the pivotal facts stated in
the revenue ruling. In those based on positions taken in rul-
ings to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature are
deleted to prevent unwarranted invasions of privacy and to
comply with statutory requirements.
Rulings and procedures reported in the Bulletin do not have the
force and effect of Treasury Department Regulations, but they
may be used as precedents. Unpublished rulings will not be
relied on, used, or cited as precedents by Service personnel in
the disposition of other cases. In applying published rulings and
procedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,
and Service personnel and others concerned are cautioned
against reaching the same conclusions in other cases unless
the facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions and Other Related Items, and Subpart B,
Legislation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to these
subjects are contained in the other Parts and Subparts. Also
included in this part are Bank Secrecy Act Administrative
Rulings. Bank Secrecy Act Administrative Rulings are issued
by the Department of the Treasury’s Office of the Assistant
Secretary (Enforcement).
Part IV.—Items of General Interest.
This part includes notices of proposed rulemakings, disbar-
ment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative index
for the matters published during the preceding months. These
monthly indexes are cumulated on a semiannual basis, and are
published in the last Bulletin of each semiannual period.
The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
January 31, 2022 Bulletin No. 2022–5

Part III
Notice 2022-5
I. PURPOSE
Because of the Coronavirus Disease
2019 (COVID-19) pandemic, the De-
partment of the Treasury and the Internal
Revenue Service issued Notice 2021-12,
2021-6 I.R.B. 828, as clarified by Notice
2021-17, 2021-14 I.R.B. 984, to provide
temporary relief from certain require-
ments under § 42 of the Internal Revenue
Code (Code) for qualified low-income
housing projects and under §§ 142(d)
and 147(d) of the Code for qualified resi-
dential rental projects. In response to the
continuing presence of the pandemic and
precautions necessitated by new disease
variants, this notice provides certain new
relief and extends the temporary relief
for certain requirements addressed in
Notice 2021-12. Section III of this notice
describes the persons eligible for the re-
lief granted in sections IV through VI of
this notice.
II. BACKGROUND
A. Qualified low-income housing projects
In this notice, the terms “Agency,” and
“Owner” have the same meanings as de-
scribed in section 5 of Rev. Proc. 2014-49,
2014-37 I.R.B. 535.
For background on the requirements
under § 42 that are receiving an extension
under this notice of the relief provided un-
der Notice 2021-12, refer to Section II.A
of Notice 2021-12.
An additional requirement under § 42
relating to an Agency’s inspection of
low-income units as provided in § 1.42-
5(c)(2)(iii)(C)(2) of the Income Tax Reg-
ulations is the 15-day reasonable notice
requirement described in § 1.42-5(c)(2)
(iii)(C)(3). Section 1.42-5(c)(2)(iii)(C)
(2) provides that an Agency must se-
lect the low-income units to inspect and
low-income certifications to review in a
manner that does not give advance no-
tice that a particular low-income unit (or
low-income certifications for a particu-
lar low-income unit) will or will not be
inspected (or reviewed) for a particular
year. The Agency may notify the own-
er of the low-income units for on-site
inspection only on the day of inspec-
tion. However, the Agency may give an
owner reasonable notice that there will
be an inspection of the project and of
not-yet-identified low-income units or
a review of low-income certifications
of not-yet-identified low-income units.
The notice serves to enable the owner
to assemble needed documentation for
low-income certifications for review
and to notify tenants of the possibility of
physical inspection of their units. Section
1.42-5(c)(2)(iii)(C)(3) provides that rea-
sonable notice is generally no more than
15 days.
Under § 42(m)(1)(A)(i), an Agency’s
qualified allocation plan (QAP) must have
been approved by the governmental unit
of which the Agency is a part. This ap-
proval is to be made in accordance with
rules similar to certain rules in § 147(f)
(2), other than § 147(f)(2)(B)(ii). Because
approval under § 147(f)(2)(B)(i) involves
a public hearing, such a hearing is also re-
quired for purposes of § 42(m)(1)(A)(i).
In response to the COVID-19 pandemic,
hearings under § 147 were permitted to be
conducted telephonically. See Rev. Proc.
2021-39, 2021-38 I.R.B. 426. In addition,
Notice 2021-12 permitted hearings under
§ 42(m)(1)(A)(i) to be conducted tele-
phonically.
B. Qualified residential rental projects
financed by bonds
In this notice, the terms “Issuer” and
“Operator” have the same meanings as
described in section 4 of Rev. Proc. 2014-
50, 2014-37 I.R.B. 540.
For background on the requirements
under §§ 142(d) and 147(d) that are re-
ceiving an extension under this notice of
the relief provided under Notice 2021-12,
refer to Section II.B of Notice 2021-12.
C. Postponement of certain deadlines by
reason of Presidentially declared disasters
On March 13, 2020, the President of
the United States issued an emergency
declaration under the Robert T. Stafford
Disaster Relief and Emergency Assistance
Act (Stafford Act), 42 U.S.C. 5121 et seq.,
in response to the ongoing COVID-19
pandemic (Emergency Declaration).
1
The
Emergency Declaration instructed the Sec-
retary of the Treasury “to provide relief
from tax deadlines to Americans who have
been adversely affected by the COVID-19
emergency, as appropriate, pursuant to 26
U.S.C. 7508A(a).” Subsequent to the Emer-
gency Declaration, the President issued ma-
jor disaster declarations under the authority
of the Stafford Act with respect to all 50
States, the District of Columbia, and 5 ter-
ritories (Major Disaster Declarations).
2
In
addition, under § 1.42-13(a), the Secretary
of the Treasury or her delegate has the gen-
eral authority to issue guidance and provide
relief to carry out the purposes of § 42.
In the context of a Presidentially-de-
clared Major Disaster, Rev. Proc. 2014-
49 provides temporary relief from certain
requirements of § 42 for Agencies and
Owners of low-income housing projects.
Under section 8 of Rev. Proc. 2014-49,
in the case of a casualty loss suffered
due to a Major Disaster that has reduced
a low-income building’s qualified basis,
the Agency that has jurisdiction over the
building must determine what constitutes
a reasonable restoration period. The rea-
sonable restoration period established by
the Agency must not extend beyond the
end of the 25th month following the close
of the month of the Major Disaster dec-
laration (25-month reasonable restoration
period). Until the restoration is completed,
to determine the credit amount allowable
during the reasonable restoration period
for a building described in section 8 of
Rev. Proc. 2014-49, an Owner must use
the building’s qualified basis at the end of
the taxable year immediately preceding
the first day of the incident period for the
Major Disaster.
1
See https://www.fema.gov/news-release/20200514/president-donald-j-trump-directs-fema-support-under-emergency-declaration.
2
See https://www.fema.gov/coronavirus/disaster-declarations.
Bulletin No. 2022–5 457 January 31, 2022

Rev. Proc. 2014-49 also provides emer-
gency housing relief for individuals who
are displaced by a Major Disaster from
their principal residences in certain Major
Disaster Areas. See Rev. Proc. 2014-49,
sections 12-14. In the context of a Pres-
identially-declared Major Disaster, Rev.
Proc. 2014-50 provides temporary relief
from certain requirements under § 142(d)
for qualified residential rental projects fi-
nanced with exempt facility bonds issued
by State and local governments under §
142. Rev. Proc. 2014-50 also provides
emergency housing relief for individuals
who are displaced by a Major Disaster
from their principal residences in certain
Major Disaster Areas. See Rev. Proc.
2014-50, sections 5-7.
Notice 2020-23, 2020-18 I.R.B. 742,
published on April 27, 2020, provided
certain relief to affected taxpayers and
postponed due dates until July 15, 2020,
with respect to certain tax filings and pay-
ments, certain time-sensitive government
actions, and all time-sensitive actions list-
ed in Rev. Proc. 2018-58, 2018-50 I.R.B.
990 (Dec. 10, 2018), that were due to be
performed on or after April 1, 2020, and
before July 15, 2020, including certain ac-
tions under § 42 for qualified low-income
housing projects.
Notice 2020-53, 2020-30 I.R.B. 151,
published on July 20, 2020, extended until
December 31, 2020, the relief provided in
Notice 2020-23 for § 42 qualified low-in-
come housing projects, as well as provid-
ing until December 31, 2020, additional
relief under § 42 and under §§ 142(d) and
147(d) for qualified residential rental proj-
ects.
Notice 2021-12, published on Febru-
ary 8, 2021, extended the temporary relief
provided in Notice 2020-53, and also pro-
vided temporary relief from additional §
42 requirements not previously addressed
in Notice 2020-53.
Notice 2021-17, published on April 5,
2021, clarified Notice 2021-12 by provid-
ing a more precise citation in Section IV.E
of that notice.
III. SCOPE OF THE RELIEF
GRANTED IN THIS NOTICE
Sections IV.A through F of this no-
tice apply to certain deadlines related
to low-income housing projects under
§ 42. Sections V.A through D apply to
relief involving operational waivers for
low-income housing projects, and Sec-
tion V.E applies to relief involving op-
erational waivers both for those projects
and for qualified rental projects under
§ 142(d). Sections VI.A and B apply to
private activity bonds that are issued for
the acquisition of buildings intended to
be qualified residential rental projects
and that are qualified bonds (as defined
in § 141(e)) if the applicable require-
ments of §§ 142(d) and 147(d)(2) are
satisfied. All of the provisions in Sec-
tions IV through VI also apply to Agen-
cies, Owners, Issuers, and Operators
that have responsibilities with respect to
those projects and bonds.
IV. GRANT OF RELIEF FOR
DEADLINES RELATED TO THE
LOW-INCOME HOUSING CREDIT
In this Section IV, “original deadline”
means the deadline without regard to any
extension under Notice 2020-23, Notice
2020-53, or Notice 2021-12 (as clarified
by Notice 2021-17).
A. THE 10-PERCENT TEST FOR
CARRYOVER ALLOCATIONS
• For purposes of § 42(h)(1)(E)(ii), if
the original deadline for an Owner of
a building with a carryover allocation
to meet the 10-percent test is on or
after April 1, 2020, and on or before
December 31, 2020, the deadline is
extended to the original deadline plus
two years.
• If the original deadline is on or
after January 1, 2021, and before
December 31, 2022, the deadline is
extended to December 31, 2022.
B. THE § 42(e) 24-MONTH MINIMUM
REHABILITATION EXPENDITURE
PERIOD
• For purposes of § 42(e)(3)(A)(ii), if
the original deadline for the 24-month
minimum rehabilitation expenditure
period for a building originally is on
or after April 1, 2020, and is on or
before December 31, 2021, then that
deadline is extended to the original
date plus 18 months.
• If the original deadline for this
requirement is on or after January 1,
2022, and on or before June 30, 2022,
then that deadline is extended to June
30, 2023.
• If the original deadline for this
requirement is on or after July 1,
2022, and on or before December 31,
2022, then that deadline is extended
to the original date plus 12 months.
• If the original deadline for this
requirement is on or after January 1,
2023, and on or before December 30,
2023, then that deadline is extended
to December 31, 2023.
C. PLACED IN SERVICE DEADLINE
• For purposes of § 42(h)(1)(E)(i), if the
original deadline for a low-income
building to be placed in service is the
close of calendar year 2020, the new
deadline is the close of calendar year
2022 (that is, December 31, 2022).
• If the original placed-in-service
deadline is the close of calendar
year 2021 and the original deadline
for the 10-percent test in § 42(h)(1)
(E)(ii) was before April 1, 2020, the
new placed-in-service deadline is the
close of calendar year 2022 (that is,
December 31, 2022).
• If the original placed-in-service
deadline is the close of calendar year
2021 and the original deadline for the
10-percent test in § 42(h)(1)(E)(ii)
was on or after April 1, 2020, and on
or before December 31, 2020, then
the new placed-in-service deadline is
the close of calendar year 2023 (that
is, December 31, 2023).
• If the original placed-in-service
deadline is the close of calendar year
2022 (and thus the original deadline
for the 10-percent test was in 2021),
then the new placed-in-service
deadline is the close of calendar year
2023 (that is, December 31, 2023).
D. REASONABLE PERIOD FOR
RESTORATION OR REPLACEMENT
IN THE EVENT OF CASUALTY LOSS
For purposes of § 42(j)(4)(E) both in
the case of a casualty loss not due to a pre-
COVID-19-pandemic Major Disaster and
in situations governed by section 8.02 of
January 31, 2022 458 Bulletin No. 2022–5

Bulletin No. 2022–5 459 January 31, 2022
Rev. Proc. 2014-49 in the case of a casual-
ty loss due to a pre-COVID-19-pandemic
Major Disaster, if a low-income building’s
qualified basis is reduced by reason of the
casualty loss and the reasonable period to
restore the loss by reconstruction or re-
placement that was originally set by the
HCA (original Reasonable Restoration
Period) ends on or after April 1, 2020, then
the last day of the Reasonable Restoration
Period is postponed by eighteen months
but not beyond December 31, 2022. Not-
withstanding the preceding sentence, the
Agency may require a shorter extension,
or no extension at all.
For purposes of determining the cred-
it amount allowable under § 42(a) in the
case of a credit year that ends on or after
April 1, 2020, and not later than the end of
the Reasonable Restoration Period (taking
into account any extension under the pre-
ceding paragraph), if the Owner restores
the building by the end of that extended
Reasonable Restoration Period, then for
taxable years ending after the first day of
the casualty and before the completion of
the restoration, the Owner must use the
building’s qualified basis at the end of the
taxable year immediately preceding the
first day of the casualty as the building’s
qualified basis for that credit year.
E. EXTENSION TO SATISFY
OCCUPANCY OBLIGATIONS
If the close of the first year of the cred-
it period with respect to a building is on
or after April 1, 2020, and on or before
December 31, 2022, then, for purposes of
§ 42(f)(3)(A)(ii), the qualified basis for
the building for the first year of the credit
period is calculated by taking into account
any increase in the number of low-income
units by the close of the 6-month period
following the close of that first year.
F. CORRECTION PERIOD
For purposes of § 1.42-5, if a correc-
tion period that was set by the Agency
ends on or after April 1, 2020, and before
December 31, 2021, then the end of the
correction period (including as already
extended, if applicable) is extended by a
year, but not beyond December 31, 2022.
If the correction period originally set by
the Agency ends during 2022, the end of
the period is extended to December 31,
2022. Notwithstanding the preceding sen-
tences, the Agency may require a shorter
extension, or no extension at all.
V. GRANT OF RELIEF FOR
OPERATIONAL PROVISIONS
A. COMPLIANCE-MONITORING—
REVIEW OF TENANT FILES
For purposes of § 1.42-5, an Agency is
not required to review tenant files in the
period beginning on April 1, 2020, and
ending on December 31, 2021. The Agen-
cy must have resumed tenant-file review
as due under § 1.42-5 as of January 1,
2022.
For purposes of § 1.42-5(c)(2)(iii)(C)
(3), between April 1, 2020, and the end
of 2022, when the Agency gives an Own-
er reasonable notice that it will review
low-income certifications of not-yet-iden-
tified low-income units, it may treat rea-
sonable notice as being up to 30 days.
Beginning on January 1, 2023, for this
purpose reasonable notice again is gener-
ally no more than 15 days.
B. COMPLIANCE-MONITORING—
PHYSICAL INSPECTIONS
For purposes of § 1.42-5, an Agency is
not required to conduct compliance-mon-
itoring physical inspections in the period
beginning on April 1, 2020, and ending
on June 30, 2022. Because of high State-
to-State and intra-State variability of
COVID-19 transmission, an Agency, in
consultation with public health experts,
may extend the waiver in the preceding
sentence if the level of transmission makes
such an extension appropriate. Depending
on varying rates of transmission, the ex-
tension may be State-wide, may be limited
to specific locales, or may be on a proj-
ect-by-project basis. No such extension
may go beyond December 31, 2022. The
Agency must resume compliance-moni-
toring reviews as due under § 1.42-5 once
the waiver expires.
For purposes of § 1.42-5(c)(2)(iii)(C)
(3), between April 1, 2020, and the end
of 2022 only, when the Agency gives an
Owner reasonable notice that it will phys-
ically inspect not-yet-identified low-in-
come units, it may treat reasonable notice
as being up to 30 days. Beginning on Jan-
uary 1, 2023, for this purpose reasonable
notice again is generally no more than 15
days.
C. COMMON AREAS AND
AMENITIES
A temporary full or partial unavail-
ability or closure of an amenity or com-
mon area in a low-income building or
project does not result in a reduction of
eligible basis of the affected building if
the unavailability or closure is during
some or all of the period from April 1,
2020, to December 31, 2022, and is in re-
sponse to the COVID-19 pandemic and
not because of other noncompliance with
§ 42. During the above period, an Agen-
cy may deny any application of the above
waiver or, based on public health criteria,
may limit the waiver to partial closure,
or to limited or conditional access of an
amenity or common area. (For exam-
ple, the Agency may apply the waiver
to access an amenity or common area
that is limited to persons wearing masks
or to persons fully vaccinated against
COVID-19.)
D. PERMISSION FOR AGENCIES
TO CONDUCT HEARINGS IN THE
SAME MANNER AND UNDER THE
SAME PROCEDURES AS PRIVATE-
ACTIVITY-BOND HEARINGS
Beginning on April 1, 2020, for the
purposes of QAP approval under § 42(m)
(1)(A), if a public hearing is conducted in
a manner and under procedures such that
§ 1.147(f)-1(d) would be satisfied, taking
into account the date on which the hearing
is held, then the manner and procedures
of the hearing are acceptable for QAP ap-
proval under § 42(m)(1)(A).
3
Continued
application of the preceding sentence is
not dependent on the continuation of the
COVID-19 pandemic.
3
For example, while Rev. Proc. 2021-39 is in effect, satisfying the hearing procedures in that revenue procedure satisfies the procedural requirements for QAP hearings.

January 31, 2022 460 Bulletin No. 2022–5
E. EMERGENCY HOUSING FOR
MEDICAL PERSONNEL AND OTHER
ESSENTIAL WORKERS
If individuals are medical personnel
or other essential workers (as defined by
State or local governments) that provide
services during the COVID-19 pandemic,
then, for purposes of providing emergency
housing from April 1, 2020, to December
31, 2022, under Rev. Proc. 2014-49 or un-
der Rev. Proc. 2014-50, Agencies, Issuers,
Owners, and Operators of low-income
housing projects may treat these individ-
uals as if they were Displaced Individuals
(defined under section 5.02 of Rev. Proc.
2014-49 or section 4.04 of Rev. Proc.
2014-50, as applicable). That is, Agencies,
Issuers, Owners, and Operators may pro-
vide emergency housing for these individ-
uals pursuant to the provisions of the ap-
plicable revenue procedure. See sections
12, 13, and 14 of Rev. Proc. 2014-49 and
sections 5, 6, and 7 of Rev. Proc. 2014-50.
VI. GRANT OF RELIEF FOR
DEADLINES ASSOCIATED WITH
QUALIFIED RESIDENTIAL
RENTAL PROJECTS
In this Section VI, “originally” means
without regard to any extension under No-
tice 2020-23, Notice 2020-53, or Notice
2021-12 (as clarified by Notice 2021-17).
A. THE 12-MONTH TRANSITION
PERIOD TO MEET SET-ASIDES FOR
QUALIFIED RESIDENTIAL RENTAL
PROJECTS
For purposes of section 5.02 of Rev.
Proc. 2004-39, if the last day of a 12-month
transition period for a qualified residential
rental project originally was on or after
April 1, 2020, and before December 31,
2022, then that last day is postponed to
December 31, 2022.
B. THE § 147(d) 2-YEAR
REHABILITATION EXPENDITURE
PERIOD FOR BONDS USED TO
PROVIDE QUALIFIED RESIDENTIAL
RENTAL PROJECTS
If a bond is used to provide a qualified
residential rental project and if the last
day of the § 147(d) 2-year rehabilitation
expenditure period for the bond origi-
nally was on or after April 1, 2020, and
before December 31, 2023, then that last
day is postponed to the earlier of eighteen
months from the original due date or De-
cember 31, 2023.
VII. EFFECT ON OTHER
DOCUMENTS
Notice 2020-23, Notice 2020-53, No-
tice 2021-12, Notice 2021-17, Rev. Proc.
2004-39, Rev. Proc. 2014-49, and Rev.
Proc. 2014-50 are amplified.
VIII. DRAFTING INFORMATION
The principal authors of this notice
are Dillon Taylor and Michael Torruella
Costa, Office of Associate Chief Coun-
sel (Passthroughs & Special Industries)
and David White, Office of the Associate
Chief Counsel (Financial Institutions and
Products). For further information regard-
ing this notice relating to the low-income
housing credit, please contact Dillon Tay-
lor or Michael Torruella Costa at (202)
317-4137 (not a toll-free call); for further
information regarding this notice relating
to qualified residential rental projects,
please contact David White at (202) 317-
4562 (not a toll-free number).
Determination of
Substantially Equal
Periodic Payments
Notice 2022-6
SECTION 1. PURPOSE
.01 This notice provides guidance on
whether a series of payments from an in-
dividual account under a qualified retire-
ment plan is considered a series of sub-
stantially equal periodic payments within
the meaning of section 72(t)(2)(A)(iv) of
the Internal Revenue Code. This guidance
also applies for purposes of determining
whether a distribution from a non-qual-
ified annuity contract is part of a series
of substantially equal periodic payments
within the meaning of section 72(q)(2)
(D). This notice modifies and supersedes
Rev. Rul. 2002-62, 2002-2 CB 710, and
Notice 2004-15, 2004-1 CB 526.
SECTION 2. BACKGROUND
.01 Section 72(t) provides for an ad-
ditional income tax on early withdrawals
(which generally applies to withdrawals
before age 59½) from qualified retire-
ment plans (as defined in section 4974(c)).
Section 4974(c) provides, in part, that the
term “qualified retirement plan” means (1)
a plan described in section 401 (includ-
ing a trust exempt from tax under section
501(a)), (2) an annuity plan described in
section 403(a), (3) a tax-sheltered annuity
arrangement described in section 403(b),
(4) an individual retirement account de-
scribed in section 408(a), or (5) an indi-
vidual retirement annuity described in
section 408(b).
.02 Section 72(t)(1) provides that if
a taxpayer receives any amount from a
qualified retirement plan, the taxpayer’s
income tax is increased by an amount
equal to 10% of the amount received from
the qualified retirement plan that is inclu-
dible in gross income. Section 72(t)(2)
sets forth exceptions to this 10% addition-
al tax. Under section 72(t)(2)(A)(iv), one
of the exceptions to the 10% additional tax
is for distributions that are part of a series
of substantially equal periodic payments
(not less frequently than annually) made
for the life (or life expectancy) of the em-
ployee or the joint lives (or joint life ex-
pectancies) of the employee and designat-
ed beneficiary.
.03 Pursuant to section 72(t)(5), the
term “employee” includes any participant,
and in the case of distributions from an
individual retirement account or annui-
ty (IRA), the IRA owner is treated as an
employee for purposes of applying section
72(t).
.04 Section 72(t)(4) provides that if a
distribution is excepted from the 10% ad-
ditional tax because the distribution is part
of a series of substantially equal period-
ic payments as described in section 72(t)
(2)(A)(iv) and that series of payments is
subsequently modified (other than by rea-
son of death, disability, or a distribution
to which section 72(t)(10) applies) before
the end of the 5-year period beginning on
the date of the first payment, or before the
employee attains age 59½, the employee’s
tax for the first year of the modification is

Bulletin No. 2022–5 461 January 31, 2022
increased by an amount equal to the tax
that, but for the exception in section 72(t)
(2)(A)(iv), would have been imposed,
plus interest for the deferral period.
.05 Q&A-12 of Notice 89-25, 1989-1
CB 662, provides that payments are con-
sidered to be substantially equal periodic
payments under section 72(t)(2)(A)(iv) if
they are made in accordance with one of
the following three methods: (1) the re-
quired minimum distribution method; (2)
the fixed amortization method; or (3) the
fixed annuitization method.
.06 Rev. Rul. 2002-62 restates the rule
that payments are considered substan-
tially equal periodic payments if they are
made in accordance with one of the three
methods provided in Q&A-12 of Notice
89-25. Section 2.02(c) of Rev. Rul. 2002-
62 modifies the application of the fixed
amortization method and the fixed annu-
itization method by providing that the in-
terest rate that may be used to apply the
fixed amortization method or the fixed
annuitization method is any interest rate
that is not greater than 120% of the federal
mid-term rate (determined in accordance
with section 1274(d) for either of the two
months immediately preceding the month
in which the distribution begins). In addi-
tion, section 2.01(c) of Rev. Rul. 2002-62
modifies the application of the fixed an-
nuitization method by specifying the mor-
tality table that must be used to apply that
method.
.07 Section 72(q)(1) provides that if
a taxpayer receives any amount under a
non-qualified annuity contract, the taxpay-
er’s income tax is increased by an amount
equal to 10% of the amount received from
the non-qualified annuity contract that is
includible in gross income. Section 72(q)
(2) sets forth exceptions to this 10% ad-
ditional tax. Under section 72(q)(2)(D),
one of the exceptions to the 10% addi-
tional tax is for a distribution that is part
of a series of substantially equal periodic
payments (not less frequently than annu-
ally) made for the life (or life expectan-
cy) of the taxpayer or the joint lives (or
joint life expectancies) of the taxpayer and
designated beneficiary. Section 72(q)(3)
provides rules that are generally parallel
to the rules in section 72(t)(4) and apply
if a distribution is excepted from the 10%
additional tax because the distribution is
part of a series of substantially equal peri-
odic payments and that series of payments
is subsequently modified.
.08 Notice 2004-15 provides that tax-
payers may use one of the methods set
forth in Notice 89-25, as modified by Rev.
Rul. 2002-62, to determine whether a
distribution from a non-qualified annuity
contract is part of a series of substantial-
ly equal periodic payments under section
72(q)(2)(D).
.09 Final regulations under section
401(a)(9) issued in 2020 provide new
life expectancy tables for determining re-
quired minimum distributions that apply
for distribution calendar years beginning
on or after January 1, 2022. See Treas.
Reg. § 1.401(a)(9)-9, issued in T.D. 9930,
85 FR 72427 (Nov. 12, 2020).
SECTION 3. METHODS
.01 General rule. Payments in a series
are considered substantially equal period-
ic payments within the meaning of section
72(t)(2)(A)(iv) if they are determined in
accordance with one of the three methods
described in section 3.01(a) through (c) of
this notice (which are based on the three
methods described in Rev. Rul. 2002-62).
(a) The required minimum distribution
method. The annual payment for each dis-
tribution year is determined by dividing
the account balance for that distribution
year by the number of years from the cho-
sen life expectancy table in section 3.02(a)
of this notice for that distribution year.
Under this method, the account balance,
the number of years from the chosen life
expectancy table, and the resulting annual
payments are redetermined for each dis-
tribution year. This redetermination of the
annual payment is not considered a modi-
fication of the series of substantially equal
periodic payments, provided that the re-
quired minimum distribution method con-
tinues to be used and the same life expec-
tancy tables continue to be used, except to
the extent required in section 3.02(b) of
this notice.
(b) The fixed amortization method.
The annual payment for each distribution
year is determined as the amount that will
result in the level amortization of the ac-
count balance over a specified number of
years determined using the chosen life
expectancy table under section 3.02(a)
of this notice and an interest rate that is
permitted pursuant to section 3.02(c) of
this notice. Under this method, once the
account balance, the number of years from
the chosen life expectancy table, and the
resulting annual payment are determined
for the first distribution year, the annual
payment is the same amount in each suc-
ceeding distribution year.
(c) The fixed annuitization method.
The annual payment for each distribution
year is determined by dividing the account
balance by an annuity factor that is the
present value of an annuity of $1 per year
beginning at the employee’s age and con-
tinuing for the life of the employee (or the
joint lives of the employee and designated
beneficiary). The annuity factor is derived
using the mortality rates in § 1.401(a)(9)-
9(e) and an interest rate that is permitted
pursuant to section 3.02(c) of this notice.
Under this method, once the account bal-
ance, the annuity factor, and the resulting
annual payment are determined for the
first distribution year, the annual payment
is the same amount in each succeeding
distribution year.
.02 Other rules. The following rules
apply for purposes of this section 3.
(a) Life expectancy tables. The life
expectancy tables that can be used to de-
termine distribution periods under the
required minimum distribution and fixed
amortization methods are: (1) the Uniform
Lifetime Table in Appendix A of this no-
tice; (2) the Single Life Table in § 1.401(a)
(9)-9(b); or (3) the Joint and Last Survivor
Table in § 1.401(a)(9)-9(d) (which can be
used even if the designated beneficiary is
not the spouse). The number of years that
is used for the required minimum distri-
bution method for a distribution year is
the entry from the table for the employ-
ee’s age on the employee’s birthday in
that distribution year. If the Joint and Last
Survivor Table is used, the age of the des-
ignated beneficiary on the designated ben-
eficiary’s birthday in the distribution year
is also used. In the case of the required
minimum distribution method, except as
provided section 3.02(b) or section 4 of
this notice, the same life expectancy table
that is used for the first distribution year
must be used in each following distribu-
tion year. Thus, if the employee uses the
Single Life Table to apply the required
minimum distribution method in the first
distribution year, the Single Life Table

January 31, 2022 462 Bulletin No. 2022–5
must be used in subsequent distribution
years. The number of years that is used
to apply the fixed amortization method is
the entry from the table for the employee’s
age on the employee’s birthday in the first
distribution year (and, if applicable, the
designated beneficiary’s age on the desig-
nated beneficiary’s birthday in that year).
(b) Designated beneficiary under the
Joint and Last Survivor Table. If the Joint
and Last Survivor Table in § 1.401(a)(9)-
9(d) is used to apply the required min-
imum distribution method or the fixed
amortization method (or if the fixed annu-
itization method is applied using an annu-
ity factor determined for the joint lives of
the employee and designated beneficiary),
then the beneficiary whose life expectan-
cy or expected mortality is used must be
the actual designated beneficiary of the
employee with respect to the account
for the year of the determination. If the
employee has more than one beneficia-
ry, the identity and age of the designated
beneficiary used for purposes of each of
the methods described in section 3.01 of
this notice are determined under the rules
for determining the designated beneficia-
ry for purposes of section 401(a)(9). The
designated beneficiary is determined for
a distribution year as of January 1 of the
distribution year, without regard to chang-
es in the designated beneficiary later in
that distribution year or designated bene-
ficiary determinations in prior distribution
years. For example, if an IRA owner starts
distributions from an IRA in 2023 at age
50, and applies either the required mini-
mum distribution method or fixed amor-
tization method using the Joint and Last
Survivor Table for the IRA owner and
the designated beneficiary, and the ben-
eficiaries on January 1, 2023 are 25 and
55 years old, the number of years used
to calculate the payment for 2023 would
be 40.2 (the entry from the Joint and Last
Survivor Table for ages 50 and 55), even
if later in 2023 the 55-year-old is eliminat-
ed as a designated beneficiary. However,
under the required minimum distribution
method, if the 55-year-old beneficiary is
eliminated or dies in 2023, that individual
would not be taken into account in future
distribution years (and if there is no des-
ignated beneficiary in a future year, the
Single Life Table in § 1.401(a)(9)-9(b) is
used for that distribution year).
(c) Interest rates. The interest rate that
may be used to apply the fixed amorti-
zation method or the fixed annuitization
method is any interest rate that is not more
than the greater of (i) 5% or (ii) 120% of
the federal mid-term rate (determined in
accordance with section 1274(d) for either
of the two months immediately preced-
ing the month in which the distribution
begins). The revenue rulings that include
the section 1274(d) federal mid-term rates
may be found at https://apps.irs.gov/app/
picklist/list/federalRates.html.
(d) Account balance. For purposes of
applying the required minimum distri-
bution method, the account balance for
a distribution year is determined under
§ 1.401(a)(9)-5. For the fixed amortiza-
tion and fixed annuitization methods, the
account balance must be determined in a
reasonable manner based on the facts and
circumstances. The account balance will
be treated as determined in a reasonable
manner if it is the account balance on any
date within the period that begins on De-
cember 31 of the year prior to the date of
the first distribution and ends on the date
of the first distribution.
(e) Changes to account balance. Un-
der all three methods, substantially equal
periodic payments are first calculated
with respect to an account balance as of
the first valuation date selected as de-
scribed in section 3.02(d) of this notice.
A modification to the series of payments
will occur if, after such date, there is (1)
any addition to the account balance other
than by reason of investment experience,
(2) any transfer of a portion of the ac-
count balance to another retirement plan,
or (3) a rollover of the amount received
by the employee.
(f) Distributions from an IRA. In the
case of distributions from an IRA, the IRA
owner is treated as an employee for pur-
poses of applying this notice.
.03 Special rules. The following spe-
cial rules may apply.
(a) Complete depletion of assets. If, as a
result of following a method of determin-
ing substantially equal periodic payments
that qualifies for the exception of section
72(t)(2)(A)(iv), an individual’s assets
in an individual account plan or an IRA
are exhausted, any resulting reduction in
the amount of the final payment (and the
subsequent cessation of payments) is not
a modification within the meaning of sec-
tion 72(t)(4). Accordingly, the recapture
tax described in section 72(t)(4)(A) will
not apply in this case.
(b) One-time change from fixed amor-
tization method or fixed annuitization
method to required minimum distribution
method. An individual who begins distri-
butions using either the fixed amortization
method or the fixed annuitization method
is permitted in any subsequent distribution
year to switch to the required minimum
distribution method to determine the pay-
ment for the distribution year of the switch
and all subsequent distribution years, and
this change in method will not be treated
as a modification within the meaning of
section 72(t)(4). Once a change is made
under this paragraph, any subsequent
change from the required minimum distri-
bution method will be a modification for
purposes of section 72(t)(4).
.04 Application to section 72(q). Tax-
payers may use one of the methods set
forth in section 3.01 of this notice (apply-
ing the rules in section 3.02 of this notice)
to determine whether a distribution from a
non-qualified annuity contract is part of a
series of substantially equal periodic pay-
ments under section 72(q)(2)(D). Taxpay-
ers may use the principles of section 3.03
of this notice to determine whether a
change in substantially equal periodic
payments will be treated as a modification
under section 72(q)(3).
SECTION 4. EFFECTIVE DATE AND
TRANSITION RULES
The guidance in this notice replaces the
guidance in Rev. Rul. 2002-62 and Notice
2004-15 for any series of payments com-
mencing on or after January 1, 2023, and
it may be used for a series of payments
commencing in 2022. In the case of a se-
ries of payments commencing in a year
prior to 2023 using the required minimum
distribution method, if the payments in
the series are calculated by substituting
the Single Life Table, the Joint and Last
Survivor Table, or the Uniform Lifetime
Table described in section 3.02(a) of this
notice for the corresponding table that was
used under Rev. Rul. 2002-62, then the
substitution will not be treated as a modifi-
cation within the meaning of section 72(t)
(4) or section 72(q)(3).

Bulletin No. 2022–5 463 January 31, 2022
SECTION 5. EFFECT ON OTHER
DOCUMENTS
Rev. Rul. 2002-62 and Notice 2004-15
are modified and superseded.
DRAFTING INFORMATION
The principal authors of this notice are
Arslan Malik and Linda S.F. Marshall of
the Office of the Associate Chief Counsel
(Employee Benefits, Exempt Organiza-
tions, and Employment Taxes). For further
information regarding this notice, contact
Arslan Malik or Linda S.F. Marshall at
(202) 317-6700 (not a toll-free number).
Appendix A to Notice 2022-6
Uniform Lifetime Table
Taxpayer's AgeLife Expectancy
1088.2
1187.2
1286.2
1385.2
1484.2
1583.2
1682.2
1781.2
1880.2
1979.2
2078.2
2177.2
2276.2
2375.2
2474.2
2573.3
2672.3
2771.3
2870.3
2969.3
3068.3
3167.3
3266.3
3365.3
3464.3
3563.3
3662.3
3761.3
3860.3
3959.4
4058.4
4157.4
4256.4
4355.4
4454.4
4553.4
4652.4

January 31, 2022 464 Bulletin No. 2022–5
Taxpayer's AgeLife Expectancy
4751.5
4850.5
4949.5
5048.5
5147.5
5246.5
5345.6
5444.6
5543.6
5642.6
5741.6
5840.7
5939.7
6038.7
6137.7
6236.8
6335.8
6434.9
6533.9
6633.0
6732.0
6831.1
6930.1
7029.2
7128.3
7227.4
7326.5
7425.5
7524.6
7623.7
7722.9
7822.0
7921.1
8020.2
8119.4
8218.5
8317.7
8416.8
8516.0
8615.2
8714.4
8813.7
8912.9
9012.2

Bulletin No. 2022–5 465 January 31, 2022
Taxpayer's AgeLife Expectancy
9111.5
9210.8
9310.1
949.5
958.9
968.4
977.8
987.3
996.8
1006.4
1016.0
1025.6
1035.2
1044.9
1054.6
1064.3
1074.1
1083.9
1093.7
1103.5
1113.4
1123.3
1133.1
1143.0
1152.9
1162.8
1172.7
1182.5
1192.3
120+2.0

Bulletin No. 2022–5 i January 31, 2022
Definition of Terms
Revenue rulings and revenue procedures
(hereinafter referred to as “rulings”) that
have an effect on previous rulings use the
following defined terms to describe the
effect:
Amplified describes a situation where
no change is being made in a prior pub-
lished position, but the prior position is
being extended to apply to a variation of
the fact situation set forth therein. Thus, if
an earlier ruling held that a principle ap-
plied to A, and the new ruling holds that
the same principle also applies to B, the
earlier ruling is amplified. (Compare with
modified, below).
Clarified is used in those instances
where the language in a prior ruling is be-
ing made clear because the language has
caused, or may cause, some confusion. It
is not used where a position in a prior rul-
ing is being changed.
Distinguished describes a situation
where a ruling mentions a previously pub-
lished ruling and points out an essential
difference between them.
Modified is used where the substance
of a previously published position is being
changed. Thus, if a prior ruling held that a
principle applied to A but not to B, and the
new ruling holds that it applies to both A
and B, the prior ruling is modified because
it corrects a published position. (Compare
with amplified and clarified, above).
Obsoleted describes a previously pub-
lished ruling that is not considered deter-
minative with respect to future transactions.
This term is most commonly used in a ruling
that lists previously published rulings that
are obsoleted because of changes in laws or
regulations. A ruling may also be obsoleted
because the substance has been included in
regulations subsequently adopted.
Revoked describes situations where the
position in the previously published ruling
is not correct and the correct position is
being stated in a new ruling.
Superseded describes a situation where
the new ruling does nothing more than
restate the substance and situation of a
previously published ruling (or rulings).
Thus, the term is used to republish under
the 1986 Code and regulations the same
position published under the 1939 Code
and regulations. The term is also used
when it is desired to republish in a single
ruling a series of situations, names, etc.,
that were previously published over a
period of time in separate rulings. If the
new ruling does more than restate the sub-
stance of a prior ruling, a combination of
terms is used. For example, modified and
superseded describes a situation where the
substance of a previously published ruling
is being changed in part and is continued
without change in part and it is desired to
restate the valid portion of the previous-
ly published ruling in a new ruling that is
self contained. In this case, the previously
published ruling is first modified and then,
as modified, is superseded.
Supplemented is used in situations in
which a list, such as a list of the names of
countries, is published in a ruling and that
list is expanded by adding further names
in subsequent rulings. After the original
ruling has been supplemented several
times, a new ruling may be published that
includes the list in the original ruling and
the additions, and supersedes all prior rul-
ings in the series.
Suspended is used in rare situations to
show that the previous published rulings
will not be applied pending some future
action such as the issuance of new or
amended regulations, the outcome of cas-
es in litigation, or the outcome of a Ser-
vice study.
Abbreviations
The following abbreviations in current
use and formerly used will appear in
material published in the Bulletin.
A—Individual.
Acq.—Acquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank.
B.T.A.—Board of Tax Appeals.
C—Individual.
C.B.—Cumulative Bulletin.
CFR—Code of Federal Regulations.
CI
—City.
COOP—Cooperative.
Ct.D.—Court Decision.
CY—County.
D—Decedent.
DC—Dummy Corporation.
DE—Donee.
Del. Order—Delegation Order.
DISC—Domestic International Sales Corporation.
DR—Donor.
E—Estate.
EE—Employee.
E.O.—Executive Order.
ER—Employer.
ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduciary.
FC—Foreign Country.
FICA—Federal Insurance Contributions Act.
FISC—Foreign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Federal Unemployment Tax Act.
FX—Foreign corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grantee.
GP—General Partner.
GR—Grantor.
IC—Insurance Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited Partner.
LR—Lessor.
M—Minor.
Nonacq.—Nonacquiescence.
O—Organization.
P—Parent Corporation.
PHC—Personal Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Partnership.
PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Real Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsidiary.
S.P.R.—Statement of Procedural Rules.
Stat.—Statutes at Large.
T—Target Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Transferee.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpayer.
TR—Trust.
TT—Trustee.
U.S.C.—United States Code.
X—Corporation.
Y—Corporation.
Z—Corporation.

January 31, 2022 ii Bulletin No. 2022–5
Numerical Finding List
1
Bulletin 2022–5
Notices:
2022-1, 2022-02 I.R.B. 304
2022-2, 2022-02 I.R.B. 304
2022-3, 2022-02 I.R.B. 308
2022-4, 2022-02 I.R.B. 309
2022-5, 2022-05 I.R.B. 457
2022-6, 2022-05 I.R.B. 460
Revenue Procedures:
2022-1, 2022-01 I.R.B. 1
2022-2, 2022-01 I.R.B. 120
2022-3, 2022-01 I.R.B. 144
2022-4, 2022-01 I.R.B. 161
2022-5, 2022-01 I.R.B. 256
2022-7, 2022-01 I.R.B. 297
2022-9, 2022-02 I.R.B. 310
2022-11, 2022-03 I.R.B. 449
2022-8, 2022-04 I.R.B. 451
Revenue Rulings:
2022-1, 2022-02 I.R.B. 301
2022-2, 2022-04 I.R.B. 451
Treasury Decisions:
9959, 2022-03 I.R.B. 328
9961, 2022-03 I.R.B. 430
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2021.

Bulletin No. 2022–5 iii January 31, 2022
Finding List of Current Actions on
Previously Published Items
1
Bulletin 2022–5
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2021.

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