2015 – Individual taxpayer who itemizes deductions!

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LTCi is treated as accident and health insurance IRC §7702B(a)(1)
Deduction is limited to the lesser of actual premium paid or eligible LTCi premium amounts IRC §§213(d)(1)(D), 213(d)(10)

Eligible LTCi premium in 2015:
Attained age in tax year       Limitation on premiums
Age 40 or less                         $380
Age 41 – 50                             $710
Age 51 – 60                             $1,430
Age 61 – 70                             $3,800
Age 71 and older                   $4,750

Medical expense deduction is allowable to extent that such expenses (including payment of eligible LTCi premium) exceed 10% of AGI   IRC §213(d) (10). Please review code to determine income eligibility and phase in period.

 

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