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Do I Have To Report Benefits From A Long-Term Care Insurance: What You Should Know

FAQ: Are Benefits from an IRA Qualified Tax-Free? Generally, your contributions to your tax-qualified IRA won't be taxable income because it is taxed at a lower rate than if you were to invest outside your Retirement Savings Plan.  Taxable and Qualifying Retirement Savings Plan Contributions : If you're contributing to more than one Retirement Savings Plan, your contributions may be taxed as either: A.) The first 5,500 of qualified plan contributions (that is, any contributions up to and including 5,500 in 2017) or B.) Qualified Plan Contributions for all Retirement Savings Plans (the amount paid directly to you—excluding amounts contributed by your 401(a), 403(b), or 457(b) plan or your 457(b) plan provider and those qualified plan payments that are attributable to contributions made after you turn age 70½). If you have less than 5,500 in Plan compensation that is includable in ordinary income (other than payments described in (A)) by the plan sponsor, and you have not made a qualifying employer contribution to an eligible retirement plan, you will not owe tax on the amount of such compensation that exceeds 5,500. You must report the amount of Qualified Plan Contributions, in excess of the first 5,500 of qualified plan contributions, on IRS Form 1095-A. Do not include any other income or benefits you receive in calculating your income for the year. Note that a Retirement Savings Plan payment made after you turn age 70½ is taxable as the payment or income was taxable in the year when it was paid. Qualifying Plan Contributions For an IRA : If you made Qualified Plan Contributions for an individual plan in 2023 in excess of 5,500, you will not owe tax on such Contributions unless you are otherwise required to report them on IRS Form 1099-R. If so, report the excess as part of your qualified plan compensation. For each IRA Plan established and maintained by a person with whom you did not have a qualifying relationship, the person will have to file a joint Federal income tax return (Form 1040) for you and the IRA owner if it makes Qualified Plan Contributions in excess of 5,500 for the year. This filing requirement does not apply to plans that the IRA owner established and maintained solely for the purpose of receiving distributions from the account. IRS Guidance on Taxable and Qualifying Retirement Savings Plan Contributions for Individuals and IRAs Q.

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