26 U.S.C. § 6050Q — Certain long-term care benefits

FEDERAL · 26 U.S.C. · Chapter 61

Certain long-term care benefits

Current through Pub. L. 119-102

Title 26 — Internal Revenue Code·Ch. 61 — INFORMATION AND RETURNS·Subch. A·Pt. III

(a)Requirement of reporting Any person who pays long-term care benefits shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth—

(1)the aggregate amount of such benefits paid by such person to any individual during any calendar year,

(2)whether or not such benefits are paid in whole or in part on a per diem or other periodic basis without regard to the expenses incurred during the period to which the payments relate,

(3)the name, address, and TIN of such individual, and

(4)the name, address, and TIN of the chronically ill or terminally ill individual on account of whose condition such benefits are paid.

(b)Statements to be furnished to persons with respect to whom information is required Every person required to make a return under subsec

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(a) Requirement of reporting
Any person who pays long-term care benefits shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth—
(1) the aggregate amount of such benefits paid by such person to any individual during any calendar year,
(2) whether or not such benefits are paid in whole or in part on a per diem or other periodic basis without regard to the expenses incurred during the period to which the payments relate,
(3) the name, address, and TIN of such individual, and
(4) the name, address, and TIN of the chronically ill or terminally ill individual on account of whose condition such benefits are paid.
(b) Statements to be furnished to persons with respect to whom information is required
Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing—
(1) the name, address, and phone number of the information contact of the person making the payments, and
(2) the aggregate amount of long-term care benefits paid to the individual which are required to be shown on such return.
The written statement required under the preceding sentence shall be furnished to the individual on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
(c) Long-term care benefits
For purposes of this section, the term "long-term care benefit" means—
(1) any payment under a product which is advertised, marketed, or offered as long-term care insurance, and
(2) any payment which is excludable from gross income by reason of section 101(g).

26 U.S.C. § 6050Q (Certain long-term care benefits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Added Pub. L. 104–191, title III, §323(a), Aug. 21, 1996, 110 Stat. 2062; amended Pub. L. 105–34, title XVI, §1602(d)(1), Aug. 5, 1997, 111 Stat. 1094.)

Editorial Notes

Editorial Notes

Amendments
1997—Subsec. (b)(1). Pub. L. 105–34 inserted ", address, and phone number of the information contact" after "name".

Statutory Notes and Related Subsidiaries

Effective Date of 1997 Amendment
Amendment by Pub. L. 105–34 effective as if included in the provisions of the Health Insurance Portability and Accountability Act of 1996, Pub. L. 104–191, to which such amendment relates, see section 1602(i) of Pub. L. 105–34, set out as a note under section 26 of this title.

Effective Date
Pub. L. 104–191, title III, §323(d), Aug. 21, 1996, 110 Stat. 2063, provided that: "The amendments made by this section [enacting this section and amending section 6724 of this title] shall apply to benefits paid after December 31, 1996."