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If I recall correctly, most long term care insurance that reimburses the insured for covered expenses isn’t taxable income.
The less common “indemnity” insurance that pays a daily amount without requiring documentation on what it is spent on may be taxable if the deductible expenses are less than the payouts.
"Are Long-Term Care Benefits Taxable? - Center for a Secure Retirement https://www.centerforasecureretirement.com/Posts/Are-Long-Term-Care-Benefits-Taxable Are payments from long-term care insurance taxable? - InsuredAndMore.com https://insuredandmore.com/are-payments-from-long-term-care-insurance-taxable Are Benefits from a Long-Term Care Insurance Policy Taxable? https://www.ltcnews.com/resources/faq/reporting-benefits-from-a-long-term-care-insurance-policy-to-the-irs Generally not taxable"
Long-term care insurance payments apparently are not usually taxable. However, you need this answered by an EXPERT at tax time, as this is something that you cannot afford to be wrong about. Doctors are for medical questions, and attorneys are for legal. You need a good CPA to answer you. Best of luck.
My understanding is that taxability is state-dependent. For PA, I found this article written by the PA Dept of Revenue saying they are NOT taxable: https://revenue-pa.custhelp.com/app/answers/detail/a_id/1472/~/do-i-have-to-pay-income-tax-on-the-benefits-from-my-long-term-care-insurance. Good luck!
Yes, you need to talk to CPA...but but I did my mother's taxes myself so just passing this on: As POA, I receive from our LTC insurance company (eg Prudential ) a 1099-LTC form each year, indicating how much she was reimbursed for that year. When filing taxes (I use TurboTax), there is an area for reporting that form. In our case my mother's income was so limited it was offset by the medical expenses so it didn't affect anything in terms of paying taxes. But you are issued a 1099-LTC form if directly reimbursed.
Confusing comments. If long term care insurance was purchased, and used, how was taxes paid on the "insurance" money taken out (to pay bills, etc )? From my knowledge, when I purchased long term insurance, then used long term care insurance $$ on my demented husband's expenses, I DID NOT have to "put in any of my own money", except to start the policy, and pay premiums. Soooo, if you "take money out of the policy to pay expenses", then it may be taxable, unless the policy so states the money disbursed from the policy is not taxable. Read every word of the fine, fine print of the policy, take notes, then consult a tax advisor on this if the issue is still not clear. I believe I included this in that year's tax preparation. I don't remember the issue when my husband died. Get advice from a tax consultant, in writing, and put that with the policy. When you take money out of a policy, you get a statement; all money processed is accounted for, to my knowledge. It shouldn't just be a "check" with no accountability shown on the statement. Remember, if from the "policy" you are taking out any amount, what is that money of the policy, is that "money you paid taxes on already), or is it money from the policy, on which you already paid taxes on, or is it money your premium paid for, but more than what you put in. Siimple thought: If I have a policy that pays me insurance for long term care, and my premiums are $100 a month for LTC, but I take out $500, the $500 may be taxable. or at least $400. Read the policy, and consult with a tax advisor. Seems to me if you get more than you "earned", then what you get may be taxable. But, then, I'm not an accountant or bookkeeper, so consulting a tax advisor may be the best thing to do,
You must get a 1099 based on interest the LTC policy has produced. You should not be paying on the premiums you paid, they were already taxed.
I get a 1099 from Prudential too for shares my Dad received when he had an Insurance policy with them. I receive dividend payments quarterly from them. My Mom had 2 small policies with them totaling 7k. Her dividends rolled over and she had an additional 8k on the policies. She probably received a 1099 yearly for those dividends.
If you do not receive a 1099, then I don't see where you would owe anything for taxes. But would not hurt to ask your tax man or CPA. 1099s have to be out by Jan 31st. So maybe just wait till then to see if u receive a 1099.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
The less common “indemnity” insurance that pays a daily amount without requiring documentation on what it is spent on may be taxable if the deductible expenses are less than the payouts.
"Are Long-Term Care Benefits Taxable? - Center for a Secure Retirement
https://www.centerforasecureretirement.com/Posts/Are-Long-Term-Care-Benefits-Taxable
Are payments from long-term care insurance taxable? - InsuredAndMore.com
https://insuredandmore.com/are-payments-from-long-term-care-insurance-taxable
Are Benefits from a Long-Term Care Insurance Policy Taxable?
https://www.ltcnews.com/resources/faq/reporting-benefits-from-a-long-term-care-insurance-policy-to-the-irs
Generally not taxable"
Long-term care insurance payments apparently are not usually taxable. However, you need this answered by an EXPERT at tax time, as this is something that you cannot afford to be wrong about. Doctors are for medical questions, and attorneys are for legal. You need a good CPA to answer you. Best of luck.
Medicaid benefits?
Tell us what kind of LTC benefits you are thinking of.
As POA, I receive from our LTC insurance company (eg Prudential ) a 1099-LTC form each year, indicating how much she was reimbursed for that year. When filing taxes (I use TurboTax), there is an area for reporting that form. In our case my mother's income was so limited it was offset by the medical expenses so it didn't affect anything in terms of paying taxes. But you are issued a 1099-LTC form if directly reimbursed.
I get a 1099 from Prudential too for shares my Dad received when he had an Insurance policy with them. I receive dividend payments quarterly from them. My Mom had 2 small policies with them totaling 7k. Her dividends rolled over and she had an additional 8k on the policies. She probably received a 1099 yearly for those dividends.
If you do not receive a 1099, then I don't see where you would owe anything for taxes. But would not hurt to ask your tax man or CPA. 1099s have to be out by Jan 31st. So maybe just wait till then to see if u receive a 1099.