Long-Term Care Insurance Payments (1099-LTC)
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You'd be sent a Form 1099-LTC if you received any long-term care benefits or accelerated death benefits from a life insurance policy.
In general, amounts paid under a qualified LTC insurance contract are excluded from your income. However, if you receive per diem payments, the amount you can exclude is limited.
Per diem payments are payments of a fixed amount made on a periodic basis without regard to actual expenses incurred. Box 3 of Form 1099-LTC should indicate whether payments were per diem payments.
You'd be sent a Form 1099-LTC if you received any long-term care benefits or accelerated death benefits from a life insurance policy.
In general, amounts paid under a qualified LTC insurance contract are excluded from your income. However, if you receive per diem payments, the amount you can exclude is limited.
Per diem payments are payments of a fixed amount made on a periodic basis without regard to actual expenses incurred. Box 3 of Form 1099-LTC should indicate whether payments were per diem payments.
