1099 Forms › What is Form 1099-LTC? Long-Term Care Benefits Reporting
At a Glance
Understanding IRS Form 1099-LTC
Form 1099-LTC (Long-Term Care and Accelerated Death Benefits) is used to report payments made under a long-term care insurance contract and accelerated death benefits paid under a life insurance contract.
Who Must File Form 1099-LTC?
Form 1099-LTC must be filed by:
- Insurance companies paying long-term care benefits
- Viatical settlement providers
- Life insurance companies paying accelerated death benefits
Form 1099-LTC Box Breakdown
| Box | Description |
|---|---|
| 1 | Gross long-term care benefits paid |
| 2 | Accelerated death benefits paid |
| 3 | Checkbox: Per diem or reimbursed amount |
| 4 | Checkbox: Qualified contract |
| 5 | Checkbox: Reimbursed amount (under Box 3) |
Tax Treatment
Benefits from qualified long-term care insurance contracts are generally tax-free up to certain limits when used to pay for qualified long-term care services. Per diem payments exceeding the daily limit may be taxable.
Accelerated death benefits paid to terminally or chronically ill individuals are generally excluded from income.
E-File Form 1099-LTC with BoomTax
E-file your Form 1099-LTC with the IRS using BoomTax. Our platform handles bulk filing for insurance companies.
Import Your Form 1099-LTC Data
You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.
Step-By-Step Wizard
We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.
E-File & Mail Employee Copies
Once your data is loaded, you can e-file and distribute employee copies in minutes.
Filing Deadlines
- Recipient copy: January 31
- IRS filing (paper): February 28
- IRS filing (electronic): March 31
External Resources
Passionate about making tax compliance simple so businesses can focus on what matters.
Takes Only 30 Seconds
BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.