2015 Long-Term Care Premium Deductibility Limits
The Internal Revenue Service has announced the 2015 limitations on the deductibility of long-term care insurance premiums from taxes. Any premium amounts above these limits are not considered to be a medical expense and are not deductible.
|Attained age before the close of the taxable year||Maximum deduction|
|40 or less||$380|
|More than 40 but not more than 50||$710|
|More than 50 but not more than 60||$1,430|
|More than 60 but not more than 70||$3,800|
|More than 70||$4,750|
Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary’s total qualified long-term care expenses or $330 per day, whichever is greater.