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Title 26 — Internal Revenue CodeRelease 119-73

§6050U Charges or Payments for Qualified Long-term Care Insurance Contracts Under Combined Arrangements

Title 26 › Subtitle 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 › § 6050U

Last updated Apr 6, 2026|Official source

Summary

If a company charges long-term care insurance costs against the cash value of your annuity or life insurance contract, and those charges are tax-free under section 72(e)(11), the company must report them to the IRS. The report lists the total charges for the year, how much they reduced your investment in the contract, and your name, address, and taxpayer ID. The company must also send you a written statement with the same information and a contact name and phone number.

Full Legal Text

Title 26, §6050U

Internal Revenue Code — Source: USLM XML via OLRC

(a)Any person who makes a charge against the cash value of an annuity contract, or the cash surrender value of a life insurance contract, which is excludible from gross income under section 72(e)(11) shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth—
(1)the amount of the aggregate of such charges against each such contract for the calendar year,
(2)the amount of the reduction in the investment in each such contract by reason of such charges, and
(3)the name, address, and TIN of the individual who is the holder of each such contract.
(b)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 information required to be shown on the return with respect to such individual.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Section applicable to contracts issued after Dec. 31, 1996, but only with respect to taxable years beginning after Dec. 31, 2009, and to charges made after Dec. 31, 2009, see section 844(g)(1), (3) of Pub. L. 109–280, set out as an

Effective Date

of 2006 Amendment note under section 72 of this title.

Reference

Citations & Metadata

Citation

26 U.S.C. § 6050U

Title 26 — Internal Revenue Code

Last Updated

Apr 6, 2026

Release point: 119-73