1099 LTC so confusing!

I received a 1099LTC form. Box 3 per form box is checked. I am in full time care for almost full ADLs, 365 days a year. It is a qualified plan.

The amount I receive exceeds the amount for my facility, however I used it for my other care too. It also exceeds the IRS per diem (theirs is 420/day and I get about 500/day).

I have no idea what to enter under Qualified LTC Benefits. It seems I'm being charged a ton of taxes here. I also am not sure if I should be claiming what I paid for the facility as a deduction.

posted

Yes, you should be claiming all of your health care as a deduction against these benefits. The facility, medication, doctors visits, the works. Those are the "Costs of Qualified LTC Services" that it is asking about. If you have enough to use up the whole amount then none of it is taxable.

Here is where to enter your 1099-LTC.

@Cindyjay4

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