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Retirement tax questions
Here are the steps to enter the 1099-LTC. The 1099-LTC form is entered in the Wages & Income section where you will be asked about the reimbursements as well as the costs/expenses.
As you work through the TurboTax interview, you will be asked for the amount from the 1099-LTC as well as actual costs/expenses. If costs/expenses are equal or greater than the reimbursed amount, none is taxable. The 1099-LTC form is entered in the Wages and Income section. Follow these steps:
- Select Federal Taxes (top of program)
- Select the Wages & Income (sub-tab)
- If shown, select "Skip to all income" in order to see all income options
- Scroll down to Less Common Income
- Select Miscellaneous Income, 1099-A, 1099-C
- Select Long-term account distributions (Form 1099-LTC) (click on first screenshot below for more detail)
As you work through the TurboTax interview, you will come to page that will ask about your costs as well as your reimbursements (click on second screenshot below for more detail)
NOTE: If the policy was issued before August 1996, different rules apply.
‎June 5, 2019
11:38 PM