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JOHN HANCOCK VARIABLE ANNUITY ACCOUNT JF
SUPPLEMENT DATED January 15, 1998
TO PROSPECTUS DATED January 2, 1998
Under the heading "FEDERAL INCOME TAXES" in the above-captioned Prospectus, the
following disclosure should be added immediately following the section entitled
"Contracts Purchased under Individual Retirement Annuity Plans (IRA)".
Contracts Purchased under Non-Deductible IRAs (ROTH IRAs)
In general, for years after 1997, an individual may make purchase payments
of up to $2,000 each year for a new type of non-deductible IRA, known as a ROTH
IRA. This $2,000 maximum on purchase payments applies to all of an individual's
annual IRA contributions (deductible and non-deductible), except for rollover
contributions. The maximum amount that can be made to a ROTH IRA is phased out
for adjusted gross incomes between $95,000 and $110,000 in the case of single
taxpayers, between $150,000 and $160,000 in the case of married taxpayers filing
jointly, and between $0 and $15,000 in the case of married taxpayers filing
separately.
"Qualified distributions" for ROTH IRAs are not includible in gross income
or subject to the penalty tax on early withdrawals. As defined in Section 408A
of the Code, a qualified distribution requires that the individual has held the
ROTH IRA for at least five years and, in addition, that the distribution is made
after the individual reaches age 59-1/2, on the individual's death or
disability, or to qualified first-time home purchaser, subject to a $10,000
lifetime maximum, for the individual, a spouse, a child, a grandchild, or an
ancestor. Non-qualified distributions are treated as being made from
contributions first. When all distributions exceed the amount of contributions,
the excess is includible in gross income. The age 70-1/2 pre-death distribution
rules do not apply to ROTH IRAs.
An individual may make a rollover contribution from a non-ROTH IRA, unless
the individual has adjusted gross income over $100,000 or the individual is a
married taxpayer filing a separate return. The individual must pay tax on any
portion of the IRA being rolled over that represents income on a previously
deductible IRA contribution. For rollovers in 1998, the individual may pay that
tax ratably in 1998 and over the succeeding three years. There are no similar
limitations on rollovers from a ROTH IRA to another ROTH IRA.
