1099 - Ltc

[susieq]

Have a client who is chronically ill. She received a 1099-LTC for over $4,000. Box 1 has the amount paid, Box 3 says "Reimbursed Amount"

I assume that I must put this on the 2007 return. Where , how much. do I need more info from the tp?

[DTS]

Susieq

Go into Form 8858 and fill out pg. 2. It will ask you some questions that may help with your question. You probably will need additional info from the t/p. Did she pay additional costs above the reimbursement?

In answer to your question about "where", line 21, but check out the form to see if anything needs to be there.

Dennis

[Grumpy]

Small correction - that's Form 8853 rather than 8858.

[DTS]

8853

Thanks for the correction Grumpy!! My toothache was speaking for me.

Dennis

[JenMO]

I have a client with reimbursed and a qualified contract. Info sent with the 1099 from the company says "generally, these amounts are excluded from your income; however, please refer to IRS form 8853 for further information".
I have had several of these, and those who are filing taxes anyway, I put on the form. This one I have now has been in the nursing home with a guardian, and now I'm doing the fiduciary return. Looking over the LTC's, the amounts are over the minimum amount for 2007. I don't think they have been filing and receiving no letters, could that be because the LTC 1099 is marked qualified?