The IRS has announced the 2011 limits on the tax deductibility of qualified long term care insurance premiums. Deductible limits are up across the board from 2010, ranging from $10 for the youngest group to more $130 for the oldest. The maximum deductible limit for an individual is now $4,240.
The 2011 limits are as follows:
Attained Age Before Close of Taxable Year |
Maximum Deductible Limit |
Age 40 or less: |
$ 340 |
More than 40 but not more than 50: |
$ 640 |
More than 50 but not more than 60: |
$1,270 |
More than 60 but not more than 70: |
$3,390 |
More than 70: |
$4,240 |
The maximum non-taxable per diem benefit will be $300 in 2010, up $10 from 2010.
IRS Announces Increased LTC Insurance Premium Deductibility Limits for 2011