Want to Deduct Long-Term Care Insurance Premiums: IRS Increases 2010 Limits
If you are paying for long term care insurance, then you know that it’s expensive and usually gets more expensive with age. The IRS is increasing the amount you can deduct with higher deductions for higher ages. If you need assistance with how to use long term care insurance as part of your estate plan, call us or complete the email request.
The 2010 limits are as follows:
| Maximum Deduction | Attained Age Before Close of Taxable Year |
|---|---|
| $330 | 40 or younger |
| $620 | Older than 40 but not more than 50 |
| $1,230 | Older than 50 but not more than 60 |
| $3,290 | Older than 60 but not more than 70 |
| $4,110 | Older than 70 |
The maximum non-taxable per diem benefit will be $290 in 2010, up $10 from 2009.
Sources:
Law Office of Donald D. Vanarelli Blog
IRS Revenue Procedure 2008-66, 2009-50
The Corporation for Long-Term Care Certification, Inc.
