For taxable year beginning in 2018, the limitations regarding eligible long term care premiums includible in the term ‘medical care”, are as follows:
| Attained Age Before the Close of the Taxable Year | Limitation on Premiums |
|---|---|
| 40 or less | $420 |
| More than 40 but not more than 50 | $780 |
| More than 50 but not more than 60 | $1,560 |
| More than 60 but not more than 70 | $4,160 |
| More than 70 | $5,200 |
This is quite a lot more to the possible tax deductions for long term care insurance. Business’ have a wide range of choices. LTCI is one of the few perks available for a business owner and corporate executives. Give me a call to discuss how you can protect your income in retirement, and possibly lower your personal taxes during your working years.
