1099 LTC

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  • #5226
    Lilac
    Participant

    My husband passed away mid Dec 2018 and I filed joint return and I thought it was done.
    For taxes 2019 I am going to file single.
    But now I got 1099-LTC in his name for $220. Apparently there were a few days from Dec that was paid in early Jan to the caregiver.
    Please help, what should I do with it ? Thank You.

    #5229
    kaneohe
    Participant

    I don’t know the real answer to your question but perhaps this may be helpful https://mccannltc.net/resources/faq/reporting-benefits-to-the-irs

    Seems like Boxes3/4 are key…………..if you have a qualified contract, you may not have to report. One good thing is that the amount you show is relatively small, so even if you had to report the whole amount as income, the added taxes might be $50 or so and if you left them out, the worse case is that IRS would bill you for that additional amount.

    #5233
    Lilac
    Participant

    Thank you Kaneohe for answering my question. Box 3 was checked.
    I am thinking now not to report it since
    it is a small amount and even if I do want to report it, I don’t even know how to do it since it is under his name and SS # and now I am filing single with my SS #.
    Thanks also for the link.

    #5234
    kaneohe
    Participant

    https://www.1040.com/tax-guide/health-and-life-insurance/ltc-insurance-and-your-taxes/

    see the last section about excluding payments. If you meet the requirements, looks like up to $370/day reimbursement can be excluded.

    #5240
    Lilac
    Participant

    Thank You very much.
    It was $55/day. The $220 was for 4 days.

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