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Level 2
posted Feb 7, 2025 1:29:31 PM

1099-MISC Entry to exclude LTC Premiums from Surrender Value

Previous guidance on entering proceeds from LTC Policy surrender doesn't work.

Previous guidance was to make tywo entries, 1 for amount on 1099_MISC, second with negative ammount representing amount paid in policy premiums. TTax doesn't carry the difference forward.

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1 Best answer
Level 2
Feb 8, 2025 11:17:58 AM

I finally resolved the problem!

After creating both entries (1 actual amt on 1099-Misc, 2nd with negative amt representing total premiums)

you need to open the "1099-MISC Wks" in the FORMS tab and in the Box 3 section click on "Other Income" box for both the actual and the negative entries. (If both you and your spouse got 1099-MISC there would be four entries)

1 Replies
Level 2
Feb 8, 2025 11:17:58 AM

I finally resolved the problem!

After creating both entries (1 actual amt on 1099-Misc, 2nd with negative amt representing total premiums)

you need to open the "1099-MISC Wks" in the FORMS tab and in the Box 3 section click on "Other Income" box for both the actual and the negative entries. (If both you and your spouse got 1099-MISC there would be four entries)