IRS Increases Limits of Long-Term Care Deductibles

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In what seems to be an apparent attempt to encourage taxpayers to plan ahead for long-term care, the Internal Service has increased the deductibility limits for long-term care insurance policies, while holding steady Social Security limits and payments.

The new deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term “medical care” are as follows:

Attained Age Before Close of Taxable Year

40 or less – $340

More than 40 but not more than 50 – $640

More than 50 but not more than 60 – $1,270

More than 60 but not more than 70 – $3,390

More than 70 – $4,240

More detail is available here.

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