WebFor purposes of this section, the term “eligible long-term care premiums” means the amount paid during a taxable year for any qualified long-term care insurance contract (as defined in section 7702B(b)) covering an individual, to the extent such amount does not exceed the limitation determined under the following table: Web26 U.S.C. § 7702B (2016) Section Name §7702B. Treatment of qualified long-term care insurance: Section Text (a) In general. ... In the case of an individual who is covered on December 31, 1996, under a State long-term care plan (as defined in section 7702B(f)(2) of such Code), the terms of such plan on such date shall be treated for purposes ...
[4830-01-u] DEPARTMENT OF THE TREASURY …
WebThe new law stipulates that the long term care insurance policy must be a "tax qualified" policy as defined under IRC Section 7702B. Today, the vast majority of policies meet these criteria. The rules also stipulate that the annuity policy must be non-qualified annuity. WebSection 7702B(b)(1)(E) provides that all refunds of premiums, and all policyholder dividends or similar amounts, under such contract are to be applied as a reduction in future … fishon fabrications
26 U.S. Code § 7702 - Life insurance contract defined
WebPer Section 7702B(a), amounts received from a qualified long-term care insurance contract are treated as amounts received for personal injuries and sickness and are treated as reimbursements for expenses actually incurred for medical care (as defined by Sec 213(d)). Code Section 104(a)(3) BECAUSE YOU ASKED Advanced Markets Page 2 of 7. WebJun 21, 1988 · (B) by applying the rules of section 7702 (b) (2) and of section 7702 (e) (other than paragraph (2) (C) thereof), except that the death benefit provided for the 1st contract year shall be deemed to be provided until the maturity date without regard to any scheduled reduction after the 1st 7 contract years. WebIRC section 7702B (b) (2) (C) is part of a list of requirements an LTC insurance contract must meet to be classified “qualified” under HIPAA. It says any “premium refunds and dividends paid under the contract are to be applied as a reduction in future premiums or to increase future benefits.” Clear enough. can diabetes type 2 cause hypertension