Is 1099-R Code W box 7; amount box 8 a medical deduction?

saksuakcabm · ‎March 18, 2024

1099-R Code W box 7; amount box 8. Is this amount "charges or payments for purchasing qualified long term care insurance contracts under combined arrangements" deductible as gross long-term care premiums under medical expenses? Thanks.

AmyC · ‎March 21, 2024

The IRS on code W: Use Code W for charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements that are excludable under section 72(e)(11) against the cash value of an annuity contract or the cash surrender value of a life insurance contract.

This means the premium is not an out of pocket expense and is not deductible under Long Term Care.

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View solution in original post

AmyC · ‎March 21, 2024

The IRS on code W: Use Code W for charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements that are excludable under section 72(e)(11) against the cash value of an annuity contract or the cash surrender value of a life insurance contract.

This means the premium is not an out of pocket expense and is not deductible under Long Term Care.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Is 1099-R Code W box 7; amount box 8 a medical deduction?