Long-Term Care Premiums: What Can I Deduct?

When tax season comes, all anybody seems to speak about is deductions. Not surprisingly, probably the most common concerns about long-term care insurance premiums is “Can I deduct them?”

Nicely, the truth is the fact that you can, in some cases, so find out where you sit in terms of deduction scenarios to locate out what you are able to deduct from your long-term care insurance premiums.

First of all, if you’re an individual taxpayer that does not itemize, then you are unable to claim a deduction on your long-term care insurance premiums. However, in the event you do itemize deductions then you can deduct the health insurance premium however it is restricted towards the lesser of the actual premium, or eligible long-term care premium.

If you’re a self-employed tax payer, which includes partnerships, members of LLC, or sole proprietors, then you’re eligible for a self-employed well being insurance deduction on your IRS Form but it is limited towards the lesser of actual premium paid but it isn’t subject to the 7.five percent of Adjusted Gross Revenue threshold.

If your premiums are paid for by an employer, the employer will treat the long-term care insurance premiums as accident and well being plans. These premiums would then be deductible towards the employer and wouldn’t be including in the income from the employee.

It can get a bit complex to know what you are able to deduct and what you cannot deduct when tax season comes around. Consequently, it’s important that you contact your tax adviser or accountant to locate out precisely what you are able to and can’t do. You do not want to try and deduct some thing you cannot after which face an audit, and in the exact same time you do not wish to neglect to deduct what you are able to, forcing you to pay more or obtain much less on your income tax rebate.

If you do your own taxes, then consult your insurance company to find out what you’re in a position to deduct on the long-term care insurance premiums that you pay to them. The representatives should be much more than useful in answering your questions and ensuring you don’t end up audited, or not deducting what you are able to.

Summary Tax season is really a stressful time for citizens and accountants alike. It’s a time of trying to determine what to deduct, what to exclude and how to get as a lot bang for their buck as possible. Consequently, people will attempt and deduct everything that they are able to, including long-term care insurance premiums.

Many don’t realize, nevertheless, what they are able to deduct when it comes to their long-term care insurance premiums, but if they take the time to study the tax info and figure out where they sit in terms of the kind of taxpayer they’re, they ought to have the ability to figure it out. Within the worst case scenario, an individual should just ask for assist from an accountant or insurance representative who will be happy to answer any concerns.

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.

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