What Is Form 1099-LTC?
The forms in the Internal Revenue Service's (IRS's) 1099 series help taxpayers report monies received from a variety of less-familiar sources. Form 1099-LTC, "Long-Term Care and Accelerated Death Benefits," is the IRS form that enables individual taxpayers to report long-term care (LTC) benefits, including accelerated death benefits. These forms are typically issued in January for the previous year.
Who Needs Form 1099-LTC?
You should receive a 1099-LTC if during the previous year you received—or had received in your name—LTC benefits, including accelerated death benefits. Insurers and other companies offer LTC insurance, policies that pay medical and personal care expenses for people who become chronically ill and are unable to care for themselves. Accelerated death benefits are paid if the insured has been certified either by a physician as terminally ill or by a licensed healthcare practitioner as chronically ill. Payers are typically insurance companies, governmental agencies, and viatical settlement providers. Such providers regularly engage in purchasing or taking assignments of insurance contracts on the lives of terminally or chronically ill individuals, and they are licensed in the state where the insured lives, if necessary. Payments include those made directly to you, to the insured, or to third parties. Payers of such benefits must report the amount paid on Form 1099-LTC and send a copy to the recipient of the benefits and to the IRS.
Why Is Form 1099-LTC Important?
Form 1099-LTC is an important part of an individual's tax-filing obligation if you or someone you know received LTC benefits in the previous year. A variety of providers, including insurance companies and governmental entities, should furnish anyone who received such benefits with this form. You may or may not owe taxes on the listed amounts, and you can request further information about the 1099-LTC from the IRS. Taxpayers with questions are best off checking with their providers or working with a tax preparer or expert. After downloading the free Form 1099-LTC template, if you need to fill in it or modify the content on your Mac, you may need a powerful PDF editor for Mac. Using PDF Reader Pro, you can add your own details and use this template design for your own needs, edit the PDF more conveniently. Download the form and fill it out using PDF Reader Pro. Click the button "Free Download" to download the app.