Tax Advantages for Public Safety Retirees Now Listed in LTC Agent Tax Guide

The Long-Term Care Agent Tax Guide has been updated to reflect tax advantages for public safety retirees. This information is located on page 5 of the guide.

For public safety retirees, distributions from governmental plans for long-term care insurance can be excluded from gross income.

  • The maximum exclusion from gross income is the lesser of $3,000 or the actual amount paid for insurance in the tax year.
  • As of December 29, 2022, the exclusion from gross income applies whether the premiums are paid to the long-term care insurance carrier or to the retiree.

The guide is available for digital download in the Forms and Materials library on the Sales Professional Access (SPA) producer website.

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Tax Advantages for Public Safety Retirees Now Listed in LTC Agent Tax Guide
 

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