Premiums for qualified long term care insurance policies are tax deductible. Qualified policies are issued after January 1, 1997 and adhere to certain requirements. There is a limit on how large a premium can be deducted, depending on the age of the tax payer. Below are 2011 listed limits:
Age 40 or less your maximum deduction for the year 2011 is 340.00
More than 40 but less than 50 your maximum 2011 deduction is 640.00
More than 50 but less than 60 your maximum 2011 deduction is 1,270.00
More than 60 but less than 70 your maximum 2011 deduction is 3,390.00
More than 70 years of age your maximum 2011 deduction is 4, 240.00
This is a simplified guide and Home Care Path www.homecarepath.com encourages all seniors to consult with a qualified accountant during the tax preparation process.
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