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LTC Surrender Income
Question on how and what forms to treat Income from surrender of LTC policy for Other Income reported on Form 1099-MISC:
My questions are:
1. It is pretty clear that I report Surrender Income less total premiums ass Taxable Income under Miscellaneous Income.
2. Do I also use Itemized Deduction Recoveries: Medical deduction of LTC premiums on previous year(s) under the Tax Benefit Rule?
Topics:
‎February 21, 2025
8:00 AM