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Tax Changes for Long Term Care Premiums and Benefits

LongIsland.com

The Internal Revenue Service has implemented changes in the deductibility of long-term care insurance premiums and benefits that will apply in 2003. Here are the limits, based on age: 40 and younger - $250 41-50 ...

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The Internal Revenue Service has implemented changes in the deductibility of long-term care insurance premiums and benefits that will apply in 2003. Here are the limits, based on age:
40 and younger - $250
41-50 - $470
51-60 - $940
61-70 - $2510
71 and older - $3130

For business owners such as sole proprietors, partners, 2 percent and greater shareholders of S-corporations, and members of LLC's will no longer be limited to the 70% deduction of the eligible Long Term Care premiums. As of 2003, they will be able to deduct 100% of the eligible Long Term Care premium.

Benefits paid on a qualified long-term care insurance policy to an individual will not be taxable income as long as benefit payments above $220 per day do not exceed the actual cost of care.