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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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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.
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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?

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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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