Get 2001 Form 8853 (fill-in Version). Archer Msas And Long-term Care Insurance Contracts

Insurance companies that pay long-term care insurance benefits are required by the Internal Revenue Service (IRS) to provide claimants with a 1099 LTC – Copy B Form that reports payments made under a long term care insurance contract. Insurers typically issue 1099 LTC Forms in January for the prior tax year.

Archer MSAs were created to help self-employed individuals and employees of certain small employers meet the medical care costs of the account holder, the account holder's spouse, or the account holder's dependent(s).

Form 1099-LTC is an important part of an individual's tax-filing obligation if you or someone you know received LTC benefits in the previous year. A variety of providers, including insurance companies and governmental entities, should furnish anyone who received such benefits with this form.

Your 1099-LTC may list a large amount of benefits for which you may not necessarily owe taxes (a "tax-qualified policy"). In the case of per diem benefits, the portion of benefits potentially excluded from income is subject to a maximum daily amount. If this limitation is exceeded, part of the benefits may be taxable.

Use Form 8853 to: Report Archer MSA contributions (including employer contributions), Figure your Archer MSA deduction, Report distributions from Archer MSAs or Medicare Advantage MSAs, Report taxable payments from long-term care (LTC) insurance contracts, or.

When to use Form 8853. There are a few situations that require Form 8853: If you or your employer made contributions to an Archer MSA within a tax year. If you received distributions from an Archer MSA or Medicare Advantage MSA.

To enter IRS-1099LTC information, do the following: Go to Income/Deductions > Medical Savings Accounts. Select Section 3 - LTC Insured Information. ​In Lines 1-4, enter the applicable information. Select Section 4 - Long-Term Care Insurance Contract Information. ... Calculate the return.