What is an allocation ratio for determining how much of the per diem limitation remains to be allocated among multiple taxpayers?

The percentage of the aggregate amount paid during the second or subsequent LTC period by each taxpayer relative to the total amount paid by all taxpayers.

What information is required in completing Form 8853 for the second or subsequent LTC periods?

The aggregate amount paid during the period for qualified long-term care services under all contracts, and the total number of days in the period that services were received.

Who should file Form 8853?

An individual who has received long-term care services or paid premiums for such services for themselves, their spouse, or a dependent.

What is an LTC period in the context of Form 8853?

An extended period of continuous receipt of long-term care services due to physical or mental impairment that lasts at least 90 days or, if the individual is terminally ill with a life expectancy of less than 6 months, a shorter period.

What information is required in completing Form 8853 for the first LTC period?

The total amount paid during the LTC period for qualified long-term care services and the total number of days in the period that services were received.

What happens if the total per diem limitation ($63,480 in 2023) is not enough to cover all the eligible individuals' allocations?

The excess allocation amounts will be treated as miscellaneous medical expenses subject to the 7.5% or 10% AGI threshold.

Form 8853

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Archer MSAs and Long-Term Care Insurance Contracts

Rev. 2023

This document provides instructions for completing Form 8853 for the tax year 2023. It includes sections for Long-Term Care (LTC) Insurance Contracts, Medicare Advantage MSAs, and Health Savings Accounts. The instructions cover what information is required for each section, how to calculate certain amounts, and when to check specific boxes.

Instructions

Form 8853 Instructions - Instructions for Form 8853, Archer MSAs and Long-Term Care Insurance Contracts

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FAQ

What is an allocation ratio for determining how much of the per diem limitation remains to be allocated among multiple taxpayers?
The percentage of the aggregate amount paid during the second or subsequent LTC period by each taxpayer relative to the total amount paid by all taxpayers.
What information is required in completing Form 8853 for the second or subsequent LTC periods?
The aggregate amount paid during the period for qualified long-term care services under all contracts, and the total number of days in the period that services were received.
Who should file Form 8853?
An individual who has received long-term care services or paid premiums for such services for themselves, their spouse, or a dependent.
What is an LTC period in the context of Form 8853?
An extended period of continuous receipt of long-term care services due to physical or mental impairment that lasts at least 90 days or, if the individual is terminally ill with a life expectancy of less than 6 months, a shorter period.
What information is required in completing Form 8853 for the first LTC period?
The total amount paid during the LTC period for qualified long-term care services and the total number of days in the period that services were received.
What happens if the total per diem limitation ($63,480 in 2023) is not enough to cover all the eligible individuals' allocations?
The excess allocation amounts will be treated as miscellaneous medical expenses subject to the 7.5% or 10% AGI threshold.

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ABOUT

Federal tax forms

Form 8853 is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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