Our insurance company issued us a 1099-R because a portion of the total premium paid for the Long Term Rider.
On the 1099-R, Box 1 has a dollar amount listed as a gross distribution. Box 7 has a "W."
The insurance company communicated that "W" means that we don't have to report the dollar amount (listed on 1099-R Box 1) on our tax return.
Is this accurate?
Or should we input this 1099-R into our taxes?
Thanks!
Code W in box 7of form 1099-R means Charges/payments for purchasing qualified long-term care insurance contracts under combined arrangements
Your insurance company is correct. You don't need to report this form 1099-R on your tax return.
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
