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S
Smitty
Level 4
July 21, 2020
Question

1099 LTC Reimbursement

  • July 21, 2020
  • 1 reply
  • 16 views

Client received 1099 LTC reimbursement form. Box 1 $55,000 amount larger than medical expense. Is the difference taxable?

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1 reply

George4Tacks
George4Tacks
Level 15
July 22, 2020

Which boxes (if any) were marked in line 3?

"Long-term care insurance contract. Generally, amounts received under a qualified long-term care insurance contract are excluded from your income. However, if payments are made on a per diem basis, the amount you may exclude is limited. The per diem exclusion limit must be allocated among all policyholders who own qualified long-term care insurance contracts for the same insured. See Pub. 525 and Form 8853 and its instructions for more information.
Per diem basis. This means the payments were made on any periodic basis without regard to the actual expenses incurred during the period to which the payments relate."

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