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Form 1099-LTC online DE: What You Should Know

The amount shown as income on the form is the value of the benefit received on a timely filed individual return. A benefit is timely filed if the benefit is paid to an individual on or before the due date of the return (including extensions), and was not timely reported to you or the return preparer. The value of a benefit received on a timely filed return does not include any amounts for which, in whole or in part, the individual (or the person receiving the benefit) has provided information, but not otherwise reported to the IRS. Certain long-term care insurance may be accelerated under certain specified circumstances. The benefits of long-term care insurance are treated generally the same as other medical benefits. For tax years beginning on and after January 1, 2012, an accelerated death benefit is treated as a qualified long-term care insurance benefit subject to the same rules that apply to qualified long-term care insurance. In general, the rules that apply to accelerated death benefits apply to qualified long-term care insurance benefits as well. The accelerated death benefit is treated the same as a qualified long-term care insurance payment as to the period from the date the benefit is reported to the IRS to the date it is paid, and as a qualified long-term care insurance payment as to the period from the date the individual receives the payment to the date it is paid. There are several special rules for accelerated death benefits. For example, payments must be made as described in the table (1) on or before the due date. Payments are made on a pro rata basis for qualified long-term care insurance under this section. For tax years beginning on and after January 1, 2014, when an individual receives an accelerated death benefit, the individual's estate may not elect to have the benefit taxed as a qualified long-term care insurance payment, as opposed to a qualified long-term care insurance payment. This is the case even if the individual was treated as a qualified long-term care insurance payment. The following table (the first tab) explains when payments are made, and their tax treatment. Table of Contents For Long-Term Care, Accelerated Death, and Disability Expenses Benefits that are reported on a timely return are treated as long-term care and accelerated death benefits for tax purposes. The amount reported is the value of the benefit received on a timely filed individual return.

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