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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10100
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Pearl JA: What seems to be the problem? Customer: Question

Customer Question

Hi Pearl
JA: What seems to be the problem?
Customer: Question about a 1099 LTC form and reporting it on my tax return
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: do you repot it
JA: Anything else I can tell the Accountant before I connect you two?
Customer: no
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
You report these benefits on form 8853https://www.irs.gov/pub/irs-access/f8853_accessible.pdfSection C. Long-Term Care (LTC) Insurance Contracts.Whether you are required to file - see instructions - page 6 - Filing Requirements for Section CGo through this chart for each insured person for whom you received long-term care (LTC) payments.https://www.irs.gov/pub/irs-pdf/i8853.pdfQuestions?
Expert:  ShawnA replied 7 months ago.
Good morning. Do you have any other questions or does this resolve the issue for you? If the issue us resolved please rate the other expert. If you would like to have a telephone call to discuss this please let me know. Is there more of a detailed request?
Expert:  Lane replied 7 months ago.
Hello ... I am a different expert with a different answer:...If Box 3 of your 1099-LYC is marked Reimbursed Amount and you have a Tax Qualified Contract ( you can find tbhis out by calling your Long-Term-Care insurance company, then the amounts you received are not taxable....Box 4 on your 1099-LTC will many times tell you whether your polity is tax qualified, but your should still call the insurance company to fine out for sure....If Box 3 is marked Reimbursed Amount and you have a Non-Tax Qualified Contract, then some or all of your benefits may be taxable ...Completing form 8853 can help with that....Now, if Box 3 is marked Per Diem (Indemnity) then the amount you may exclude from your income is limited....Because your benefits in THIS scenario were paid on a per diem (indemnity) basis, (regardless of what the actual nursing home or other covered costs WERE) , the amount of those benefits that are NOT included as income are limited to a daily maximum....If you like some help completing the form to report this I can help....I'll make an offer here for a consult, Only accept if you'd like to discuss.
Expert:  Lane replied 7 months ago.
Woops, sorry, looks like the system is not letting me make the call - Hang tight, I'll tell customer service and see if we can get this resolved....If this HAS helped, (given you the detail you need) and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit."...Let me know and we can go into more detail....If you'd like to black out the social security and person information on one of the copies of the 1099-LTC and send to me I can help you with the reporting...Again, let me know...Lane...I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986