Is Long Term Care Insurance Tax Deductible? [Dan Tripp]
👉Is Long Term Care Insurance Tax Deductible? We review if it is financial tax deductible?👈
👉What is a tax-qualified long-term care policy?
Most long-term care policies are tax-qualified (Always check with your insurance specialist for specifics like Dan Tripp).
-term care insurance policies come with tax-free benefits and deductible premiums. This means that insureds are generally not taxed on the benefits they receive from these policies.
Also, the premiums can be deductible as unreimbursed medical expenses if the insured meets the adjusted gross income (AGI) threshold.
Your insurer can tell you whether your long-term care policy is tax-qualified or not.
The rules for deductibility and tax-free benefits can differ at the state level. Check with your tax adviser to confirm the rules for your state.
👉Is tax insurance policies tax deductible?
Long-term care insurance premiums can be costly.
The IRS allows qualified taxpayers to deduct a portion of their long-term care insurance premiums on their tax returns based on their age.
Generally, you must itemize deductions and have expenses that exceed the AGI threshold to qualify.
There is an exception for qualified self-employed individuals.
Consult your financial advisor to learn more about your long-term care insurance policy and how you can deduct it from your tax return.
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