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	<title>New answer on: Is Long Term Care Insurance Payments Tax Deductible?</title>

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		<title>By: Jerry Vanderzanden, CLU, ChFC</title>

		<link>https://insurancelibrary.com/long-term-care-insurance/is-long-term-care-insurance-payments-tax-deductible</link>

		<dc:creator>Jerry Vanderzanden, CLU, ChFC</dc:creator>

		<pubDate>Mon, 20 May 2013 16:39:12 +0000</pubDate>

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		<description><![CDATA[Eligible premiums paid for tax-qualified long term care insurance can be applied toward meeting the 7.5% “floor” for medical expense deductions on your federal income tax return. The amount of eligible long term care premium that can be applied to the 7.5% floor depends on your age. The IRS publishes a table and adjusts the amount for inflation.

The benefit payments from a tax-qualified long term care insurance policy are not considered taxable income to the recipient, up to a per diem limit. The per diem limit, which is adjusted annually for inflation, is $320 for 2013.

The preceding is for general information and planning purposes only and may not be relied upon as tax advice. You must consult with a tax adviser for more as it applies to your situation.]]></description>

		

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