2021 Tax Deductions for Long-Term Care Premiums Released

2021 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)

 

Taxpayer’s Age At End of Tax Year – Deductible Limit
40 or less   $  450
More than 40 but not more than 50  $  850
More than 50 but not more than 60 $1,690
More than 60 but not more than 70 $4,520
More than 70 $5,640

 

The Qualified Long-Term Care Insurance Contract or Life Insurance Contract Per Diem Limitation dollar limit on the benefits will increase to $400 per day, from $380 per day.

 

Source: IRS Revenue Procedure: 2020-45