IRS Announces Increased Long-Term Care Insurance Premium Deductibility Limits for 2010

The IRS has announced the 2010 limits on the tax deductibility of qualified long term care insurance premiums. Deductible limits were increased for every age group, ranging from $10 for the youngest group to more $130 for the oldest. For the first time, the maximum deductible limit for an individual exceeds $4,000.

The 2010 limits are as follows:

Attained Age Before Close of Taxable Year    Maximum Deductible Limit
Age 40 or less:                                                                    $ 330
More than 40 but not more than 50:                                     $ 620
More than 50 but not more than 60:                                     $1,230
More than 60 but not more than 70:                                     $3,290
More than 70:                                                                      $4,110

The maximum non-taxable per diem benefit will be $290 in 2010, up $10 from 2009.

IRS Revenue Procedure 2008-66, 2009-50
The Corporation for Long-Term Care Certification, Inc.