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Ltc Tax Guide - Comfort Long Term Care: What You Should Know
Federal Tax Deductible Amounts for Long-Term Care Insurance Individuals and families can deduct the value of the insurance benefits they pay for individual long-term care insurance premiums paid on their behalf under IRS code section 213. A tax benefit is allowed for each of the following situations: The total amount of premiums paid for long-term care is either 600 (for individuals under 52 years of age) or 1,200 (for individuals 51 to 60 years of age). An individual's total amount of long-term care premiums paid on the taxpayer's behalf under this provision totals up to 8,600 (single, or 11,400 (married filing jointly) in either of the two cases). The total amount of taxes paid in any calendar year on premiums paid for long-term care is either zero or the taxable sum for the previous year up to 2,600. For the 2023 tax season, the total amount of tax that was paid to the IRS in 2023 is an advance of taxes which were paid to the IRS in 2023 by any taxpayer in any calendar year. That is, the year-end tax (or advance tax) includes all the taxes that were paid in 2017, and does not include the taxes previously paid in past years. This rule is subject to the maximum and minimum rules described below. In the 2023 tax year, the following is required to be determined: Individuals under 52 years of age can deduct the value of a coverage year in amounts that are not excess tax-related interest for the calendar year that includes the end of the coverage year. Individuals 51 years and older who have coverage in 2023 can deduct the value of their coverage year from net taxable income during this tax year. For 2018, individuals 51 and older who had coverage in 2023 can deduct their coverage year up to 6,600 (17,600 for married individuals filing jointly). The table below lists the tax-free amount, up to 1,000, based on age and total premiums paid for coverage years of 600 or more under Long Term Care Insurance in 2018, 2023 and 2020.
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