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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.

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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.

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4 Comments 4
qbteachmt
Level 15

You want to use a payout as a deduction?

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sjrcpa
Level 15

No. That would be double dipping.

The more I know, the more I don't know.
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?

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.