Wednesday, December 21, 2011

2012 tax deduction limits for LTC insurance premiums

Unreimbursed long-term care insurance premiums can be tax deductible. The premium must be for a qualified policy, which must have been issued no earlier than 1/1/97 (though previously-issued policies can be grandfathered by the state insurance commissioner), and must have had inflation and non-forfeiture protection as an option at purchase. The maximum amount deductible for qualified policy premiums depends on your age. Here are the limits for 2012: For those age 40 or under: $350 >40 but <50: $660 >50 but <60: $1,310 >60 but <70: $3,500 >70: $4,370

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