IRS Posts Guidance on Life Insurance with Long Term Care

Notice 2011-68 provides interim guidance on the application of these amendments and requests comments on issues to be addressed in future guidance concerning the taxation of annuity and life insurance contracts with a long-term care insurance feature. The Pension Protection Act amended the tax rules for qualified long-term care insurance, annuity, and life insurance contracts. 

 

Revenue Ruling 2011-19 holds that the RBC, in combination with the remittance basis of taxation, is an income tax for which a credit is allowable under section 901 of the Internal Revenue Code. The Remittance Basis Charge (RBC), a tax imposed by the government of the United Kingdom on long-term non-domiciliaries who elect to be taxed under the remittance basis of taxation. 

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