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2021 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 2021. Compared to the 2020 limit of $10,860.
The following are the new 2021 deductible limits (2020 in brackets): 2021 Tax Deductible Limits Long-Term Care Insurance Premiums paid for traditional long-term care insurance are included as ‘medical care’. The following are the just announced 2021 limits (per-individual):
Attained Age Before Close of Taxable Year 2021 Limit (2020 Limit)
40 or less $450 $430
More than 40 but not more than 50 $850 $810
More than 50 but not more than 60 $1,690 $1,630
More than 60 but not more than 70 $4,520 $4350
More than 70 $5,640 $5,430
Learn more about how you might benefit from a tax qualifed long-term care insurance policy.
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