Monthly Archives January 2020

IRS Issues Long-Term Care Premium Deductibility Limits for 2020

IRS Issues Long-Term Care Premium Deductibility Limits for 2020 The Internal Revenue Service (IRS) has announced¬†the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the insured’s adjusted gross income. These premiums — what the policyholder pays the insurance company to keep the policy in force — are deductible for the taxpayer, his or her spouse and other dependents. (If you are
Read More