You'll receive Form 1099-LTC if you got money from long-term insurance or life insurance under an accelerated death benefits clause.
Here's how to enter your 1099-LTC into TurboTax:
- Open (continue) your return if it's not already open.
- From the upper right menu, select search and search for this exact phrase (copy/paste strongly recommended): 1099-ltc, long-term care - distribution
- Select the Jump to link at the top of your search results.
- On the Any Long-Term Care Contracts? screen, answer Yes to the first question (and Yes to the second question if it applies, otherwise No), select Continue, and proceed.
Generally, any amount received under a life insurance contract on the life of a terminally ill insured or a chronically ill insured will be treated as an amount paid by reason of the death of the insured. Benefit meeting these requirements will generally be non-taxable income.
