i have a long term care policy - the co is offering to buyout my policy - they will refund the premiums I have paid with no interest (i get my money back) this is a "qualified ins plan" all paid with after tax money.
Will I owe any tax on the refund?
No, you will not owe taxes on the company's buyout of your policy since you paid the premiums with after tax dollars. The benefits of tax-qualified long term care insurance policies are generally received tax-free by the policyholder. Tax-qualified long term care insurance policies are treated the same way qualified health insurance is treated.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
