Technical topics regarding tax preparation.
3-Mar-2018 2:21pm
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Client is in a nursing home with expenses exceeding $100K Received a 1099 LTC reporting payments of $45K.
Plan is a qualified plan and payments are perdiem. Reporting this on 8853 and using 365 as the days (they were in the nursing home all year) causes the $45K to be excluded from income.
Question is whether the amount should be reported as a reduction of medical expenses on Schedule A?
3-Mar-2018 2:37pm
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24-Mar-2023 2:14pm
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Well, if it is required to be reported as a reduction of medical expenses on Schedule A, sounds to me like it is included as income. And not excluded. Hmm.
24-Mar-2023 4:32pm
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The medical expenses were 100k; received payments of 45k; take medical deduction for 55k.
24-Mar-2023 4:48pm
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Solved this one 5 years ago.
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