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Form 1099-LTC online Clovis California: What You Should Know
You may file IRS Form 1099-LTC for individuals who provide long-term care services to beneficiaries, and a Form 1099-B for a beneficiary's parents or spouses. You also may use Form 1099‑B for an individual to claim death benefits for a deceased spouse. Report long-term care services and accelerated death benefits using IRS Forms 1099-LTC and 1099‑B if they apply to you. You may use Form 1099‑LTC to determine the payments you receive, and which beneficiaries are entitled to payment. If you use either IRS Form 1099‑LTC or 1099‑B, you must indicate on either the Schedule A for individuals or the Schedule B for beneficiaries (or both) the date on which a benefit is paid to a beneficiary, the year in which the payment was made, and the amount of the payment. You may not use IRS Form 1099‑LTC to report other payments of benefits (such as payments for long-term care services not provided by you), except with the consent of the beneficiary, if you are the beneficiary's custodian. When to Report to the IRS If you receive payments as specified in IRS Forms 1099-LTC, including: Payments to a beneficiary for expenses related to the person's long-term care or long-term disability that are included in the beneficiary's income; A payment made to the person under your right of survivorship to pay for the person's long- term care expenses if the payments are required to pay the costs of care; or A payment made to you on behalf of a person who is permanently and totally disabled if you are the person's guardian and your duties, as guardian and custodian of that person, include the care and maintenance of that person. You report payments to you on IRS Forms 1099‑LTC and on the information return you file in connection with the payment. If you provide long-term care and other services to beneficiaries to cover or pay for the person's long-term care expenses, the cost of such services is reported on Schedule E, line 35. If you receive payments that are not reported on Schedule E, you must report such payments on IRS Form 1099-B to each beneficiary. Donations to Long-Term Care Funds Donations made to Long-Term Care funds are reported on Form 1041, Donations to the Long-Term Care Fund.
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