Must I include form 1099-R with my taxes if Box 7 reads "W"
Our insurance company issued us a 1099-R because a portion of the total premium paid for the Long Term Rider. On the 1099-R, Box 1 has a dollar amount listed as a gross distribution. Box 7 has a "W." The insurance company communicated that "W" means that we don't have to report the dollar amount (listed on 1099-R Box 1) on our tax return. Is this accurate? Or should we input this 1099-R into our taxes?
Thanks!
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1 Best answer
MinhT1
Expert Alumni
Feb 26, 2024 2:58:33 PM
Code W in box 7of form 1099-R means Charges/payments for purchasing qualified long-term care insurance contracts under combined arrangements
Your insurance company is correct. You don't need to report this form 1099-R on your tax return.
1 Replies
MinhT1
Expert Alumni
Feb 26, 2024 2:58:33 PM
Code W in box 7of form 1099-R means Charges/payments for purchasing qualified long-term care insurance contracts under combined arrangements
Your insurance company is correct. You don't need to report this form 1099-R on your tax return.