The IRS has announced their 2017 limits on deducting your Long Term Care Insurance premiums off your taxes. You may be able to deduct your 2017 Long Term Care Insurance premiums from your taxes. Here are the current limits:
1. Qualified long-term care premiums up to the following amounts. a. Age 40 or under – $410. b. Age 41 to 50 – $770. c. Age 51 to 60 – $1,530. d. Age 61 to 70 – $4,090. e. Age 71 or over – $5,110.
There are several hurdles one must meet in order to be able to deduct your so check with your tax pro to see if you are able to deduct your Long Term Care Insurance premiums. There was a good site I found here that gives more details on this long term care insurance tax deduction possibility.
If you do not already have a policy and need Long Term Care Insurance quotes, the above-aforementioned site link Comparelongtermcare.org seems to works with about ten of the companies that sell this type of insurance. They promise to send you Long Term Care Insurance costs and quotes in the mail which is rare in today’s email society.
The Long Term Care Insurance tax deduction may not seem like a lot of money but if you are in a 30% tax bracket that will save you 30% off your taxes right there. As you know our US Government tax and wastes too much of our money anyway on programs that are inefficient and often don’t work so any time we at Online Tax Revolt can show you legal ways to pay less in taxes that’s a good thing!