Campaign - Tax Deductibility and Long Term Care
2022 Tax Deductible Limits For Qualified Long-Term Care Insurance Announced
The Internal Revenue Service announced the increased limits for tax deductibility of long-term care insurance premiums. According to IRS Revenue Procedure 2019-44, a couple age 70 or older who both have the right kind of long-term care insurance policy can deduct as much as $11,280 in 2022. This is the same as 2021 compared to the 2020 limit of $10,860.
The following are the new 2022 deductible Tax Deductible Limits Long-Term Care Insurance Premiums paid for traditional long-term care insurance are included as ‘medical care’. The following are the 2022 limits (per-individual):
Attained Age Before Close of Taxable Year 2022 Limit
40 or less $450
More than 40 but not more than 50 $850
More than 50 but not more than 60 $1,690
More than 60 but not more than 70 $4,510
More than 70 $5,640
Learn more about how you might benefit from a tax-qualifed long-term care insurance policy.
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