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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 Year||Limitation 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/