Long-Term Care Insurance Deductions Will Increase in 2019

Published On: 12/06/2018

Long term care costThe 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.

To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.

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Post Author

Britt Stouffer

Britt L. Stouffer is a Maryland attorney experienced in Estates, Trusts, and Elder Law. With over 10 years of experience in Estates and Trusts, she has learned to appreciate how unique each client truly is. On a typical day, you will find her working on Wills, Revocable Living Trusts, Powers of Attorney, Advance Medical Directives, Tax Planning cases, Estate Administration filings, Petitions for Guardianships, Special Needs Planning, and Asset Protection.

658 Kenilworth Dr., Ste. 203, Towson, MD 21204



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