The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2019 income as a result of buying long-term care insurance.
Premiums for “qualified” long-term care insurance policies are tax deductible to the extent that they exceed 10 percent of the insured's adjusted gross income. (7.5% for 2018). These premiums are deductible for the taxpayer, his or her spouse and other dependents.
Following are the deductibility limits for 2019:
Age
Maximum Deduction for the Year
< 40
$420
40-50
$790
50-60
$1580
60-70
$4220
70+
$5270
For more information on long-term care planning, please contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area.
