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Deductions & credits
I have a unique situation in that we cancelled our mom's long term care policy into which she paid over $42,000 in premiums of a period of 18 years, and received only $147.00 in benefits over the term of the policy. This policy was cancelled in late 2018, but we did not receive a reimbursement check and Form 1099-LTC until 2019. The Form 1099-LTC has the following information: Box=$17,082.22; box 2=$0.00; Box 3: Per diem box is not checked, Reimbursed amount is checked. When entering this information into TurboTax 2019, I get the statement "None of the long term care payments are taxable", yet TurboTax calculates a tax owed of $1,909. Is this a glitch in the program, or am I entering the data incorrectly?
March 20, 2020
12:14 PM