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Form 1099-LTC for Frisco Texas: What You Should Know

An advance payment is any payment made to you in addition to the premium you are obligated to pay on an individual health insurance plan. Advance payments may be made as a lump sum. Form 1099-LTC Report for 2023 — IRS Form 1099-LTC Report for 2016: For 2016, the Form 1099-LTC report will report the following information: The name of the policyholder; If the policyholder or the insured is a joint policyholder—and the joint policyholder has paid any premiums for the policy (except advanced payments): The name of the policyholder or insured; The name of the payee; The premium paid on behalf of the policyholder or insured; If you or the policyholder is a party to a contract where the long-term care benefits will be paid to another party (in  addition to your policy payee): The name of the payer or other party; The name of the premium paid to the payer or other party; and The name of the paid party. The form also has an 'X' to indicate the payment was made for a contract-only payment. For 2016, Form 1099-LTC payees will include: Payers, who are responsible for payment of the premium; Insurers, who are responsible for payment of the advance payment; Third parties, including any entity that provides any other payment as a party to any insurance contract; and Non-payer entities such as life care providers, nursing homes, or long-term care institutions. The Form 1099-LTC report to the IRS is due January 31 of the following year (2017). The annual Form 1099-LTC payment obligation remains due March 31 of each year (2018 through 2025). In each year after 2025, the Form 1099-LTC payment obligation remains due April 1 of the year. This report does not apply to any individual who has opted out of the individual market or enrolled in individual market coverage. Individuals who received coverage as an individual or enrolled as a family should not include this payment on their 2023 income tax return. For more information, see Tax Topic 262, Opting Out of Individual Market Coverage.

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