Internal Revenue Code:Sec. 6050Q. Certain long-term care benefits

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart B - Information Concerning Transactions With Other Persons
        

Statute

    Sec. 6050Q. Certain long-term care benefits
 
    (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).
 

Sources

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

Miscellaneous

                                 AMENDMENTS
      1997 - Subsec. (b)(1). Pub. L. 105-34 inserted '', address, and
    phone number of the information contact'' after ''name''.
                      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
      Section 323(d) of Pub. L. 104-191 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.''
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in section 6724 of this title.