The IRS recognizes multiple types of pensions and annuities that are recognized by the IRS. Helpful definitions are provided below.

Fixed Period - Pays definite amounts regularly for a specific length of time.

Single Life - Pays definite amounts regularly for life with payments ending at the death of the annuitant.

Joint and Survivor -  First annuitant receives certain amount regularly for life. After the first annuitant’s death, second annuitant receives a definite amount regularly for life. What the second annuitant’s payment amount is may or may not be different than what the first annuitant received.

Variable - Payments may vary in amount for a definite period of time or for life. Amount received may be dependent on “variables” like profits earned by the annuity plan or cost-of-living adjustments.

Disability - Made to an individual who is under retirement age but receives payments because of his/her disability.