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Video instructions and help with filling out and completing Are long term care benefits taxable 2022
Instructions and Help about Are long term care benefits taxable 2022
In this video I'm going to talk about taxation of long-term care insurance I work with individuals and business owners across the USA and do long-term care insurance digitally so I'm going to talk about individuals I'm going to kind of talk about business owners of all different types of setups so the first thing I want to talk about is individuals for long-term care insurance premiums first of all here are the ages you have to be you know these are the deductible amounts on your tax return based upon you know what age you are so if you're under 40 then you know you're looking at forty four twenty forty one to fifty seven eighty you know fifty one to sixty one thousand five sixty sixty one to seventy four thousand one sixty and of course seventy one over 5,200 so so you know those are your deductible amounts for being into individual now the thing about being an individual and not having a business is is you're probably not really going to ever see this deduction here you know that's not where a lot of people how people won't tell you that though to say oh what's tax deductible but well you probably won't benefit from this deduction just to tell you the truth the new the new standard deduction has raised up and because of that it makes it harder to itemize and also you have to idolize you have to have a significant amount of medical expenses and you know to be higher than 7.5 percent of your AGI so if you're an individual let's just say it's probably unlikely that you're going to to get this deduction now if you do have a considerable amount of deductions you know we're talking 20 30 $40,000 of you know itemized deductions then your chances you know go up that this is going to benefit you but you're still going to be subject to the overall seven-and-a-half percent of AGI rules so what that means is if all of your medical expenses don't get over a certain oversight 1/2 percent of your AGI then they won't be deductible so now let's say if your AGI was you know 40,000 and you know seven and a half percent of that is a guess around $3500 or so if you're if you have five thousand dollars in medical expenses for that year and you're paying premiums and all of your deductions are above you know twenty thousand then you'll see a deduction but when you're an individual the chances are probably unlikely that you're ever going to get this deduction I mean when you start getting older in your 60s and 70s if you start your medical bills you know if you got some medical bills to start racking up then you have a much more likelihood of you know getting the deduction but I wouldn't count on it okay now so now let's talk about the self-employed.