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Norwalk California online Form 1099-LTC: What You Should Know

Benefits paid by the estate of a deceased tax- exempt individual are not taxable under section 6 of the Internal Revenue Code. In general, benefits from long-term care insurance plans may be taxable. The value of an individual's interest in a long-term care insurance plan does not equal the value of the interest if the individual elects to have the entire interest taxed at the applicable capital gain or loss rate in the year the plan is established or during the year during which the plan is funded. When a taxpayer establishes an annuity payable from a health savings account as an alternative to a health, accident or disease insurance policy, the taxpayer is deemed to have paid a long-term care insurance premium equal to the sum of such annuity and any insurance or indemnification premiums paid by the health custodian for or on behalf of the policyholder. Examples of the provisions of the Internal Revenue Code relating to premiums paid on plans or annuities offered by health savings accounts include: Example 5: An estate has established an annuity payable from a health savings account (Has) as an alternative to a health, accident or disease insurance policy. The deceased policyholder had an HSA in his bank account that was paid at a rate of 0.12% per annum. On the date before his death, the death benefit value was 400. The annuity payable from the Has was therefore 60.12. Although the annuity payable from the HSA was taxable, the death benefit value was not; it amounted to 20.32. Example 6: An estate has established an annuity payable from an HSA as an alternative to a health, accident or disease insurance policy. On the date before his death, the death benefit value was 400. The death benefit payable from the HSA was therefore 60.12. The annuity payable from the HSA was not treated as having been paid from the estate of the death benefit recipient because the payment was to an individual other than the recipient and because the amount payable was a contribution by a health savings account under section 223(i)(1) of the Internal Revenue Code, as set forth in paragraph (f)(3)(iii)(A) of this section.

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