How do I report a 1099LTC

[yancey54l]

My wife is in long term care and the insurance company paid $45165.72 in 2015. Do I need to report this or how do I handle.

[b408904]

is this a tax "qualified" contract or a non tax qualified contract?

[smajhoney99]

it is a tax qualified contract

[smajhoney99]

what is the difference between a qualified contract & non qualified contract

[r-mfrfl17]

Since we paid many thousands in premiums, and received only hundreds in benefits, we can't imagine any tax effect!

[Heather_Billings]

Go to:

Personal Income > I'll choose what I work on> Less Common Income> Miscellaneous Income (last item at bottom of the page) > 4th item down should be 1099-LTC  

or you can search in the find box, upper right hand corner: "1099-LTC" then "jump to" and it'll take you right there.

This is not taxable if used for medical expenses, but you should report it for informational purposes.