Under the terms of IRC sections 7702B and 101g, qualified long- term care and accelerated death benefits paid to chronically ill individuals are treated as amounts received for expenses incurred for medical care. Amounts received on a per diem basis in excess of $175 per day are taxable. Section 6050Q requires all such amounts to be reported.
US Code:
26 USC 6050
Name of Law: Information Concerning Transactions With Other Persons
US Code:
26 USC 7702
Name of Law: Life insurance contract defined
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
US Code:
26 USC 101
Name of Law: Certain death benefits
The Department has updated the burden associated with the ICR to reflect its most recent data on Form 1099-LTC filings. The agency estimates 213,453 filings based on updated filing projections and previous year filings. The update in estimated filings results in an overall hourly burden increase of 49,094 (18,181 to 67,275). There are no changes to the form or additional program changes that will affect the burden estimates.
$20,772
No
No
No
No
No
Uncollected
Janice Martin 202 622-3312
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 1099-LTC Form 1099-LTC - Long-Term Care and Accelerated Death Benefits.
Sup_Stmnt_Form_1099-LTC[1].doc
Form 1099-LTC - Long-Term Care and Accelerated Death Benefits.