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California online Form 1099-LTC: What You Should Know

Tax Tip #19: A LTC Payout or Return is Never Complete Tax Tip #17 : Do not use this Form 1099-LTC to report the amounts of your LTC payouts or returns. The IRS will not accept any information in any electronic format as part of a return for LTC. Please use Form W-2 instead. The 1099-LTC system is for reporting LTC income that can be filed electronically using Form 1099-LTC. Please refer to IRS Publication 518 for information on other forms, items or entities listed under “Other Forms,” “Other Information” or “Other Publications.” Tax Tip: The most common reasons for not filing a LTC return include not meeting the eligibility requirements, the fact that no long-term care coverage was received, or there were no benefits from a policy that may be considered LTC under IRS Publication 518.  Tax Tip #18: You can claim a LTC on Form 1099-MISC. Tax Tip #17: A LTC Payout or Return is Never Complete The amount of an LTC payment (or return) includes payments for long-term care services; however, it also includes any amounts (other than amounts shown on the Form 1099-MISC) paid on behalf of individuals to pay for those services.  This can include, for example, payments for the cost of a home care service provided by a qualified long-term care hospital and paid for with tax-free money. Tax Tip #16: Do not list amounts on a Form 1099-LTC that are paid to a health care provider.  Tax Tip #15: You can use Form 1099-G instead of Form 1099-LTC. The 1099-G will show LTC amounts paid by an individual to a qualified long-term care provider and to pay for any associated services. These payments are taxable as LTC.  Long term care payments can be reported to the IRS for tax purposes. The payment can be made directly to the provider and a medical expense deduction may be claimed by the eligible beneficiary on the return or attached to a Form 857.  Note: Please see page 14 of Publication 518 for information on the Form 1099-MISC.

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