<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"

	xmlns:content="http://purl.org/rss/1.0/modules/content/"

	xmlns:dc="http://purl.org/dc/elements/1.1/"

	xmlns:atom="http://www.w3.org/2005/Atom"

	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"

	
	>

<channel>

	<title>New answer on: Can Long Term Care Insurance Be Deducted From Income Tax?</title>

	<atom:link href="https://insurancelibrary.com/long-term-care-insurance/can-long-term-care-insurance-be-deducted-from-income-tax/feed" rel="self" type="application/rss+xml" />

	<link>https://insurancelibrary.com/long-term-care-insurance/can-long-term-care-insurance-be-deducted-from-income-tax</link>

	<description></description>

	<lastBuildDate>Thu, 08 Feb 2024 00:23:46 -0600</lastBuildDate>

	<sy:updatePeriod>hourly</sy:updatePeriod>

	<sy:updateFrequency>1</sy:updateFrequency>

	<generator>https://wordpress.org/?v=6.9.4</generator>


	<item>

		<title>By: Peggy Mace</title>

		<link>https://insurancelibrary.com/long-term-care-insurance/can-long-term-care-insurance-be-deducted-from-income-tax</link>

		<dc:creator>Peggy Mace</dc:creator>

		<pubDate>Fri, 02 Aug 2013 17:54:28 +0000</pubDate>

		<guid isPermaLink="false">https://insurancelibrary.com/long-term-care-insurance/can-long-term-care-insurance-be-deducted-from-income-tax</guid>


		<description><![CDATA[Yes, many long term care insurance premiums can be deducted on income tax as a medical expense. The plans must be qualified LTCI plans. 

The Long Term Care Federal Tax Deductible Limits for 2013 are itemized on  IRS Revenue Procedure: 2012-41. These limits are age based.

Here are how some of the deductions work.

1) Working for someone else: Only the portion of total medical expenses that exceeds your adjusted gross income by 7.5% can be deducted, using Schedule A on your tax return. 

If your employer pays the full LTCI premium, your employer may deduct the total expense.

2) Self employed: The entire premium of you, spouse and dependents (up to federal age based limits) can be deducted on line 29 of tax form 1040. 

3) C Corporation: 100% of premium is deductible for employee, spouse and dependents with no age based limits on premium.

4) State income tax deductions and/or credits

5) Paying premium with HSA.]]></description>

		

	</item>


</channel>

</rss>

