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Discussion Forum Index --> Basic Tax Questions --> From 1099-LTC
Discussion Forum Index --> Tax Questions --> From 1099-LTC
Tdh555 (talk|edits) said:
| 30 June 2008
|
| My client received one of these for deceased mother; I am doing final return. Mother was both policy holder & insured. $10K reported in box 1; box 3 reimbursed amount checked. Taxable? after reading instructions, it appears only excess "per diem" is taxable. Any help/experience with this form is appreciated.
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Kevinh5 (talk|edits) said:
| 30 June 2008
|
| You need to know how much was spent on LTC services and the number of days. If this was true reimbursement, not taxable.
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Blrgcpa (talk|edits) said:
| 1 July 2008
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| It may be deductible from the Medical Sec of Sched A.
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Riley2 (talk|edits) said:
| 1 July 2008
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| Nontaxable since the amounts paid were reimbursed LTC expenses.
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Cotopop (talk|edits) said:
| 1 July 2008
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| There is no deduction allowed on Schedule A as this would result in a duplicate tax benefit. At the time premiums were paid on this Long Care Insurance Contract the taxpayer should have been taking a deduction on Schedule A for the premiums.
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Rosendale (talk|edits) said:
| 1 July 2008
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| You will have to complete Form 8853, page 2, to determine the correct answer. It's possible, but highly unlikely, that there is a taxable element to this.
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Tdh555 (talk|edits) said:
| 1 July 2008
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| Thanks to all for great responses...I will work through 8853.
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