Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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

Greta
Level 9

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.

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
sjrcpa
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.

View solution in original post

0 Cheers
4 Comments 4
qbteachmt
Level 15

You want to use a payout as a deduction?

*******************************
Don't yell at us; we're volunteers
sjrcpa
Level 15

No. That would be double dipping.

The more I know, the more I don't know.
0 Cheers
Greta
Level 9

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?

0 Cheers
sjrcpa
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.
0 Cheers