06
Nov 2008
November 6, 2008
The Internal Revenue Service has announced the maximum tax deduction that can be taken on qualified Long Term Care Insurance premiums in 2009.
Maximum Deduction for Qualified LTCI Premiums Under Code 213(d)(10)
Attained Age Before Close of Year |
2008 |
2009 |
40 or less |
$310 |
$320 |
More than 40 but no more than 50 |
$580 |
$600 |
More than 50 but no more than 60 |
$1,150 |
$1,190 |
More than 60 but no more than 70 |
$3,080 |
$3,180 |
More than 70 |
$3,850 |
$3,980 |
Source: IRS Revenue Procedure 2007-66 (2008 limits) and 2008-66 (2009 limits)
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