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Re: tax deductibility of LTC

Posted by Christopher on March 21, 19101 at 11:36:10:

In Reply to: tax deductibility of LTC posted by Bernard on March 20, 19101 at 21:52:44:

: My wife and I each have a long-term care policy, each costing in the range of $3500 annually. Question is this: your office posted allowable deductions for tax purposes, according to age, as $2200 in our case (ages are 68 and 67).
: Question is straightforward: do we deduct $2200, or do we deduct $4400; in other words, are we permitted to make a deduction for EACH LTC policy?

each policy is correct. as an individual, you are
only able to include in your adjusted gross income a maximum allowable premium for each policy.

hopefully congress will pass a more aggressive tax deduction for ltc insurance
: Thanks for your help

: Thanks for your help

Follow Ups:

Re: tax deductibility of LTC : : My wife and I each have a long-term care policy, each costing in the range of $3500 annually. Question is this: your office posted allowable deductions for tax purposes, according to age, as $2200 in our case (ages are 68 and 67). : : Question is straightforward: do we deduct $2200, or do we deduct $4400; in other words, are we permitted to make a deduction for EACH LTC policy? : each policy is correct. as an individual, you are : only able to include in your adjusted gross income a maximum allowable premium for each policy. : hopefully congress will pass a more aggressive tax deduction for ltc insurance : : Thanks for your help : : : Thanks for your help

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