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FAQ

Is money received from long-term care insurance taxable?
When you receive benefits from a long-term care insurance policy, you typically won't owe taxes. The IRS treats these payouts similarly to reimbursements for medical expenses, which they don't consider taxable income.
How does a 1099 LTC work?
It shows your account number, gross benefits paid under an LTC contract, and gross accelerated death benefits during the year, if these amounts were paid per diem or as reimbursement of actual long-term care expenses.
Does 1099 LTC go on tax return?
Generally, no. Tax-qualified Long-Term Care Insurance benefits come to you tax-free. Insurance companies that pay long-term care insurance benefits are required by the Internal Revenue Service (IRS) to provide claimants with a 1099 LTC.
Where do I report 1099 LTC on my tax return?
If unchecked, the payments should be reported as Other Income in Schedule 1 (Form 1040) notated "LTC".
What does the IRS consider a chronic illness?
Chronically Ill Individual Being unable to perform, without substantial assistance from another individual, at least two daily living activities (eating, toileting, transferring, bathing, dressing, and continence) for at least 90 days due to a loss of functional capacity; or.
How do I file a 1099 LTC?
Request the Instructions for Form 1099-LTC from the IRS. You can request free tax forms and guides by calling the IRS at 1-800-TAX-Form or 1-800-829-3676. The American Association for Long Term Care Insurance does not provide tax or tax planning guidance.
Does a 1099 LTC need to be reported?
Do I have to report benefits from a Long-Term Care Insurance policy to the IRS? Generally, no. Tax-qualified Long-Term Care Insurance benefits come to you tax-free. Insurance companies that pay long-term care insurance benefits are required by the Internal Revenue Service (IRS) to provide claimants with a 1099 LTC.
Where does 1099 LTC go on tax return?
If unchecked, the payments should be reported as Other Income in Schedule 1 (Form 1040) notated "LTC".
What is IRS Form 1099 LTC?
Form 1099-LTC, "Long-Term Care and Accelerated Death Benefits," is the IRS form that enables individual taxpayers to report long-term care (LTC) benefits, including accelerated death benefits.
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