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Form 1099-LTC for Portland Oregon: What You Should Know

Form 1099-LTC.pdf (6.85 MB) | Forms for Individual Income Tax Instructions for Form 1099-LTC are available through the IRS.gov website or through a TaxExpert.com representative in your area. What Is the IRS 1099-LTC? The IRS 1099-LTC is a form issued by the IRS to you by a long-term care insurance provider when you receive any long-term care benefits (included in Box 1 of Form 1099-LTC) during the tax year. You may also receive other kinds of income by participating in certain long-term care options. What Does the IRS 1099-LTC Report? Most of the income you receive from an insurance contract will be reported on Form 1099-MISC. Long-Term Care and Accelerated Death Form 1099-LTC — Accelerated Death Benefits The IRS 1099-LTC will show the amount paid to you from the beneficiary's long-term care and accelerated death accounts for those benefits during the tax year. The 1099 is issued for the period from April 1st of the current year through June 30th of the following year. The 1099-LTC is a separate record from the tax return. How Does the IRS 1099-LTC Help Me? Form 1099-LTC can help make it easier when determining the value of an annuity, insurance contract or retirement plan (both lump-sum payments & deferred annuity payments, etc.) as long as you have a claim for tax relief. When You Pay a Claim for Tax Relief If you pay a claim for tax relief, or you are involved in an action to bring about repayment of a tax relief claim, Form 1099-MISC will be the only record showing that payment. What If I Don't Have a Long Term Care Insurance Contract? If you don't have a long-term care insurance contract, you will still use 1099-MISC. The IRS 1099-MISC will show: the amount paid from your account to the insurance company in the current tax year; the amount paid from your account in the previous tax year or earlier; the number of the benefits paid from your account to the insurance company in the current tax year; and how many times the benefits were paid from your account in the previous tax year.

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