Form 1099-LTC, Long-Term Care and Accelerated Death Benefits
Form 1099-LTC reports payments made under a long-term care insurance contract, and accelerated death benefits paid on a life insurance policy. Fill in the official IRS PDF below.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is 1099-LTC?
Form 1099-LTC, Long Term Care and Accelerated Death Benefits, is filed by insurance companies, governmental units, and viatical settlement providers that pay long-term care benefits or accelerated death benefits. It shows the gross benefits paid in box 1, accelerated death benefits in box 2, and whether payments were made per diem or as reimbursement of actual expenses.
Receiving the form does not automatically mean the benefits are taxable. Reimbursements of actual long-term care costs are generally excludable, and per diem payments are excludable up to a limit that the IRS adjusts periodically. Recipients typically work out the taxable portion on Form 8853.
Who files 1099-LTC?
- Insurance companies paying benefits under long-term care insurance contracts
- Viatical settlement providers paying accelerated death benefits
- Governmental units making long-term care benefit payments
- Policyholders and insureds receive the form and use it with Form 8853
How to fill out 1099-LTC
- Enter the payer’s name, address, and TIN in the left-hand boxes.
- Add the policyholder’s TIN, name, and address, and the insured’s information in the boxes provided.
- Report gross long-term care benefits in box 1 and accelerated death benefits in box 2.
- Check box 3 to show per diem or reimbursed amount, and complete the chronically ill or terminally ill boxes with the certification date if known.
- Download the PDF, furnish copies to the policyholder and insured, and file Copy A with the IRS electronically or on official scannable stock.
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Frequently asked questions
Are the benefits on my 1099-LTC taxable?
Often not. Reimbursements of actual qualified long-term care expenses are generally tax-free, and per diem payments are tax-free up to a daily limit the IRS sets each year. Use Form 8853 to figure any taxable amount.
What is the difference between per diem and reimbursed amounts?
Per diem means the contract pays a fixed daily amount regardless of what care actually cost. Reimbursed means the payer paid actual expenses. Box 3 shows which applies, and the tax treatment differs.