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2020 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 $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):
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
Learn more about how you might benefit from a tax qualifed long-term care insurance policy.
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