New 2021 Tax Deductible Limits for LTCi Just Announced
Increased tax deductible limits can be a significant benefit for those with tax-qualified
long-term care insurance policies, according to the American Association for Long-Term Care Insurance.
The following are the just-announced 2021 limits (2020 in brackets):
|Attained Age Before Close of Taxable Year||2021 Limit (2020)|
|40 or less||$450 ($430)|
|More than 40 but not more than 50||$850 ($810)|
|More than 50 but not more than 60||$1,690 ($1,630)|
|More than 60 but not more than 70||$4,520 ($4,350)|
|More than 70||$5,640 ($5,430)|
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