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The IRS has released the Long Term Care Insurance premium limitations for tax year 2017.

With traditional long term care insurance policies, it is possible to deduct premiums paid and it’s guaranteed that the benefits will be tax free.

This could be of benefit to Small Business Owners, Partnerships, Limited Liability Corporations, and S Corporations.  These premiums can be deducted under “medical care” up to the age based limits.   C Corporations have different rules.  As always, seek the advice of an Accountant or other Tax specialist.

Tax year 2017

Attained Age Before the Close of the Taxable YearLimitation on Premiums
40 or Less$410
More than 40 but not more than 50$770
More than 50 but not more than 60$1530
More than 60 but not more than 70$4090
More than 70$5110

For more information https://www.irs.gov/