Long-Term Care Insurance Deductions Will Increase in 2019

December 6, 2018
Long term care cost

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.

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