1099-R Code W (for Long Term Care insurance)

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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Best answer by sjrcpa

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.

Level 15

You want to use a payout as a deduction?

Don't yell at us; we're volunteers

Level 15

No. That would be double dipping.

The more I know the more I don’t know.

GretaAuthor

Level 7

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?

Level 15

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.

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