yancey54l
New Member

How do I report a 1099LTC

My wife is in long term care and the insurance company paid $45165.72 in 2015. Do I need to report this or how do I handle.
b408904
New Member

Get your taxes done using TurboTax

is this a tax "qualified" contract or a non tax qualified contract?

Get your taxes done using TurboTax

it is a tax qualified contract

Get your taxes done using TurboTax

what is the difference between a qualified contract & non qualified contract
r-mfrfl17
New Member

Get your taxes done using TurboTax

Since we paid many thousands in premiums, and received only hundreds in benefits, we can't imagine any tax effect!

Get your taxes done using TurboTax

Go to:

Personal Income > I'll choose what I work on> Less Common Income> Miscellaneous Income (last item at bottom of the page) > 4th item down should be 1099-LTC  

or you can search in the find box, upper right hand corner: "1099-LTC" then "jump to" and it'll take you right there.

This is not taxable if used for medical expenses, but you should report it for informational purposes.