1099-R Code W box 7; amount box 8. Is this amount "charges or payments for purchasing qualified long term care insurance contracts under combined arrangements" deductible as gross long-term care premiums under medical expenses? Thanks.
The IRS on code W: Use Code W for charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements that are excludable under section 72(e)(11) against the cash value of an annuity contract or the cash surrender value of a life insurance contract.
This means the premium is not an out of pocket expense and is not deductible under Long Term Care.
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