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How to prepare Form 1099-LTC
About Form 1099-LTC
File a Report on the Long Term Care Insurance Premiums on IRS.gov to see if you have received a payment or reimbursement for the premium. If you have received a payment or reimbursement for the premiums, you can either (1) keep the payments (either as a refund or as an advance) in a separate section of your personal tax return or (2) include them in gross income in the year they are received or paid, as follows. Form 1099-LTC, Supplemental Payments for Long-Term Care Insurance Premiums. If the payments or reimbursements are received as an advance or payment of premiums for the year, you must include as income your credit or refund for the premiums paid. If the payments are not received in full as advance premiums, attach a statement on line 1 of the 1099-LTC showing whether the payment or reimbursement is tax-free, including any tax credits that may apply. If the payment or reimbursement is received in full as premium payments, you may not deduct the payments on your income tax return for the year. See the instructions for line 1 of Form 1099-D. The return may still be valid even if the payment or reimbursement is not tax-free if you included it on line 1 of Form 1099-LTC. If we receive information (for example, for Form 1099-R) indicating that you were required to make payments or reimbursements for the premiums because you failed to comply with the terms of its contract with your insurer, we will determine whether the payment or reimbursement is subject to income tax. You may not deduct the payments or reimbursements if we determine that the payments or reimbursements are tax-free. Note. However, if you received a payment or reimbursement for the premiums in the year the payment or reimbursement was required by the insurer, and you choose to exclude that payment from income, you will have to pay a 10% penalty because the payment or reimbursement is treated as a prohibited payment or reimbursement. To avoid the 10% penalty, you must make the payment or reimbursement on an agreement with your insurer or pay with a check instead of cash. See Pub. 994, Interest and Penalty, for more information. You can make the following choices to avoid the penalty of 10% of the amount of the premium: Pay in cash. Make the payment by certified check, money order, or similar instrument. Make the payment by electronic funds transfer (EFT), wire transfer, or other similar payment system.
What Is Form 1099-LTC
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