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North American Company for Life and Health Insurance P. O. Box 87452 Chicago, IL 60680-0452 A Member of the Simmons Financial Group *L2966ANS1* LEAVE WITH APPLICANT ACCELERATED BENEFIT SUMMARY AND
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What is accelerated benefit summary?
Accelerated benefit summary is a document that provides a summary of accelerated benefits received by a taxpayer during a specific tax year.
Who is required to file accelerated benefit summary?
Taxpayers who have received accelerated benefits, such as life insurance proceeds or long-term care insurance benefits, may be required to file an accelerated benefit summary with their tax return.
How to fill out accelerated benefit summary?
To fill out an accelerated benefit summary, you will need to report the total amount of accelerated benefits received, the type of benefits received, and any related deductions or adjustments.
What is the purpose of accelerated benefit summary?
The purpose of the accelerated benefit summary is to report and provide documentation of any accelerated benefits received, allowing the tax authorities to verify the accuracy of the taxpayer's tax return.
What information must be reported on accelerated benefit summary?
The accelerated benefit summary must report the total amount of accelerated benefits received, the type of benefits received, and any related deductions or adjustments.
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