Greta
Level 9
03-15-2022
10:14 AM
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It's not taxable. But I wonder if the amount can be used as a LTC medical deduction either for Sch A or in Virginia that offers a LTC deduction.
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qbteachmt
Level 15
03-15-2022
11:19 AM
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You want to use a payout as a deduction?
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sjrcpa
Level 15
03-15-2022
11:51 AM
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No. That would be double dipping.
The more I know the more I don’t know.
Greta
Level 9
03-15-2022
01:51 PM
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I thought that the insurance company is paying the premium instead of giving the customer the money. So isn't it the same as the customer paying it?
sjrcpa
Level 15
03-15-2022
03:06 PM
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But it's nontaxable income to the taxpayer. You can't get it on a tax free basis and then claim a deduction for it.
Sort of like health insurance paid pretax through payroll. You can't turn around and deduct the health insurance premiums.
The more I know the more I don’t know.
