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1099-ltc instructions 2024 Form: What You Should Know

These benefits can be paid by a covered Long-Term Care Insurance Company (LT CIC), a state insurer, an individual health insurer, the Federal Employees Health Benefits Plan (FEB), the Medicare Program, or an insurer under the Small Business Health Options Program (SHOP). If your spouse is employed by a plan, your spouse is the insured, and he or she participates in the plan, enter the premium for the spouse as a dependent. As a general rule, each covered person on your return who is the individual taxpayer must enter a personal exemption amount for all the long-term care benefits paid to him or her. Each covered person you claim as the dependent of another taxpayer must enter at least the self-employment tax credit and the standard deduction. This is because your dependent's earnings and Social Security payments will be reported on your own tax return, and the earned income and Social Security payments of the covered person who takes care of your dependent will be reported on your own return. The following fields are used to report information about long-term care benefits. Item 1 Type of long-term care benefits. Item 2 Number of beneficiaries to which benefits were paid. Item 3 Beneficiarys name, address, and phone number. Item 4 Social Security benefits or the self-employment tax credit reported due to the covered person who took care of the dependents. Item 5 Amount of benefits paid. Do not change item 7—the number and amount of benefits paid. Item 6 Social Security number of beneficiary. The Social Security number is determined from the beneficiary's pay records. Item 7 Beneficiary amount, such as per month or per calendar year. Box 5—This box is used to report noncash items such as long-term care services and long term care equipment, which represent noncash payments on behalf of the beneficiaries who received benefits. Do not enter anything in Boxes 3 through 7 for noncash items. For examples of noncash items, see examples of taxable itemization (Form 1040, line 16, or Schedule E). Box 6—Item 1 is the name of the provider. The provider is determined by the type of provider and its size. Note You cannot include a value in Box 6 that corresponds to payments of a disability benefit. Box 13 is used to report all items of income and expenses, including amounts and sources of income, that a person receives or earns, including rental income, tips, wages, bonuses, pension income, and interest.

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