2009 Tax Deductions for Long-Term Care Insurance
The Internal Revenue Service has announced the maximum tax deduction that can be taken on qualified LTCi premiums in 2009.
Maximum Deduction for Qualified LTCi Premiums Under Code 213(d)(10)
Attained Age Before Close of Year 2009:
- 40 or less - $320
- More than 40 but no more than 50 - $600
- More than 50 but no more than 60 - $1,190
- More than 60 but no more than 70 - $3,180
- More than 70 - $3,980
Of course, these deductions are not available to everyone who owns Long-Term Care insurance. Those who are self-employed, owners of an LLC, or incorporated, will be able to get the most benefit from this schedule. I would happy to explain who benefits most from these deductions for anyone who inquires.
As in all tax matters it is best to consult your tax professional for clear advice on how much Long-Term Care insurance premiums can be deducted in your individual situation though.
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