Campaign - Tax Deductibility and Long Term Care

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2020 Tax Deductible Limits For Qualified Long-Term Care Insurance Announced

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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 $10,860 in 2020.  Compared to the 2019 limit of $10,540. 

 

 

The following are the new 2020 deductible limits (2019 in brackets): 2020 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 2020 limits (per-individual):

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Attained Age Before Close of Taxable Year                       2020 Limit               (2019 Limit)
40 or less                                                                                   $430                         $420
More than 40 but not more than 50                                           $810                          $790
More than 50 but not more than 60                                          $1,630                     $1,580
More than 60 but not more than 70                                          $4,350                     $4,220
More than 70                                                                            $5,430                     $5,270

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Learn more about how you might benefit from a tax qualifed long-term care insurance policy.

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