Are there limits in the tax deductibility of qualified long-term care premiums for individuals who itemize their tax deductions?

A. The federal tax code has a 7.5 percent floor governing medical expenses deductions taken on Schedule A (Form 1040), meaning that the premium expense is deductible to the extent that it exceeds 7.5 percent of the individual’s Adjusted Gross Income. There are other considerations with regard to the policyholder’s age.

For example, under IRS Code 213(d), someone 40 years of age or less can include up to $330 as medical expenses for calendar year 2010, while someone 71 and older can include up to $4,110. In between, there is a rising scale as one ages. More.

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