Tax credit for LTC premiums increased

jkom51November 7, 2011

Just saw this in the NYTimes. However, I believe the credit is lumped in with the "7% of income paid on medical expenses", so it's not a straight deduction.

"...Jesse Slome, executive director of the American Association for Long-Term Care Insurance, point(ed) out that the I.R.S. is going to allow slightly higher tax deductions in 2012 for the smattering of people who have bought private long-term care policies.

The deduction for those who are aged 40 or younger rises from $340 to $350. For 40- to 50-year-olds, it climbs from $640 to $660. Those between 50 and 60 will be able to deduct $1,310 (up from $1,270) and those 60 to 70, a tidy $3,500 (up from $3,390). Insured people over 70 can deduct $4,370, an increase from $4,240. Most years see similar increases of 2 to 3 percent, Mr. Slome told me. Some states also give deductions, or even credits, on state taxes."

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    Bookmark   December 6, 2011 at 3:52PM
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I'm assuming that if DH & I (both over 60) file a joint return, we'd add $3500, not $7000, to our "7% of income paid on medical expenses"?

We both have LTC insurance.

    Bookmark   December 13, 2011 at 2:31PM
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