120 STAT. 1012
PUBLIC LAW 109–280—AUG. 17, 2006 ‘‘(ii) purchased as part of a plan described in section 403(a), ‘‘(iii) described in section 403(b), ‘‘(iv) provided for employees of a life insurance company under a plan described in section 818(a)(3), or ‘‘(v) from an individual retirement account or an individual retirement annuity. ‘‘(C) A contract purchased by an employer for the benefit of the employee (or the employee’s spouse). Any dividend described in section 404(k) which is received by a participant or beneficiary shall, for purposes of this paragraph, be treated as paid under a separate contract to which subparagraph (B)(i) applies.’’. (d) INFORMATION REPORTING.— (1) Subpart B of part III of subchapter A of chapter 61 of such Code (relating to information concerning transactions with other persons) is amended by adding at the end the following new section:
26 USC 6050U.
‘‘SEC. 6050U. CHARGES OR PAYMENTS FOR QUALIFIED LONG-TERM CARE INSURANCE CONTRACTS UNDER COMBINED ARRANGEMENTS.
Regulations.
‘‘(a) REQUIREMENT OF REPORTING.—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) 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 information required to be shown on the return with respect to such individual. 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.’’. (2) PENALTY FOR FAILURE TO FILE.— (A) RETURN.—Subparagraph (B) of section 6724(d)(1) of such Code is amended by striking ‘‘or’’ at the end of clause (xvii), by striking ‘‘and’’ at the end of clause (xviii) and inserting ‘‘or’’, and by adding at the end the following new clause: ‘‘(xix) section 6050U (relating to charges or payments for qualified long-term care insurance contracts under combined arrangements), and’’.
Deadline.
26 USC 6724.
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