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Form 1099-LTC

Form name:

Long-Term Care and Accelerated Death Benefits

IRC Section:

6050Q

Link to form:

https://www.irs.gov/pub/irs-pdf/f1099ltc.pdf

Purpose of form:

Payors of long-term care benefits must file Form 1099-LTC, including insurance companies, governmental units, and viatical settlement providers. Payors must report payments only if the policyholder is an individual. Reportable payments are those made to the policyholder, to the insured, or to a third party. The payor may report benefits paid from each contract on a separate Form 1099-LTC.  Payors may opt to aggregate benefits paid under multiple contracts on one Form 1099-LTC if the same information is reportable on the form for each contract (other than the amount of benefits paid).

Information reported on form:

  • The name, address, taxpayer identification number and phone number of the payor,
  • The name, address, and taxpayer identification number of each policyholder,
  • Gross long-term care benefits paid,
  • Accelerated death benefits paid,
  • Per diem or reimbursed amount checkbox,
  • Insured’s name, address and taxpayer identification number,
  • Chronically Ill or Terminally Ill checkbox,
  • Date certified,

 

Please see Form 1099-LTC for all other information required to be reported.

Reporting threshold: 

All amounts.

Due date to recipient: 

January 31.

Due date to IRS (paper filing): 

February 28.

Due date to IRS (Electronic Filing): 

March 31.