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Form 1099-LTC for Detroit Michigan: What You Should Know

You may receive payments from a Fiduciary Trust, a non-corporate business, or from some financial institutions. The Fiduciary Trust must be a financial service provider (FSM) and it's not allowed to own a controlling interest in a corporation. The non-corporate business is a partnership. A Fiduciary Trust is not considered an “exempt organization” for the purposes of the state excise (state) tax. “An organization exempt under IRC section 501(c)(3) must not be organized for profit.” — Michigan Business Tax Blog (MBT) Form 1099-LTC is a summary form you must file each year to receive a tax refund for income paid or accrued in advance of the taxable year. An individual must either provide the IRS with Form 1099-R or Form 1097-LTC. Form 1099-LTC is reported on your tax return to the following year. If you are under age 65, do not use Form 1099-J or Form 1099-Q, for additional tax reporting requirements. Payments for long-term care can come from: a) medical expenses, health insurance premiums, and medical and life insurance premiums and b) amounts paid for care or reimbursement in a qualified long-term care insurance contract. Any payment from a Fiduciary Trust that includes payments to a non-Corporate Fiduciary Trust is taxable to the recipient corporation or its shareholders.  Fiduciary Trust is an organization that is not for profit. Its exempt status will be revoked for corporate shareholders if the Fiduciary Trust pays the employee's or independent contractor's qualified long- term care premium for any benefit, including an accelerated death benefit, received after December 31, 2007, and before October 23, 2010. — Michigan Business Tax Blog (MBT) E-Payments FAQ (updated 11/3/15) The Fiduciary Trust is treated as a financial services provider for state income tax purposes. However, the income reported on the Forms 1099-X and 1099-LTC can be disallowed.

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