Long-Term Care Insurance Tax-Deductibility Rules - LTC Tax Rules
Recognizing that government can't pay the bill for long-term care, federal and a number of state tax codes now offer tax incentives to encourage Americans to take personal responsibility for their future long-term care needs.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) included provisions for favorable tax treatment of qualified Long-Term Care insurance (LTCi) contracts.
The American Association for Long-Term Care Insurance offers this information to help you better understand the various tax implications relating to LTCi policies. This information is provided for informational purposes only and should not be construed as tax advice. Please consult a tax advisor regarding your particular circumstances.
2024 / 2025 - WHY SOME LTCi OFFERS REAL TAX BENEFITS AFTER AGE 70
LTC insurance offers a future tax benefit few seniors are aware of!
Tax experts predict fewer Americans will itemize their expenses. But here's why a traditional, tax-qualified long-term care insurance policy could be enormously beneficial to you -- especially when you are 70 or older (and one day you will be 70!).
Medical expenses that exceed a prescribed percentage can be tax deductible. After retirement, income tends to drop. At the same time, after retirement, medical (including dental, vision and hearing) expenses often increase. For many of American seniors that means they can deduct these expenses.
NOW ADD IN YOUR TAX-QUALIFIED LTC INSURANCE PREMIUM. These amounts could help you qualify for the Medical Expense deduction. Or, the insurance premium will just make your deduction greater.
REMEMBER NOT ALL LONG-TERM CARE INSURANCE POLICIES HAVE THIS AS A BENEFIT. You should ask the insurance professional you work with if the policy meets tax-qualification standards and to show you where it says that premiums may be tax deductible.
If you are single (alone) after age 70, up to $5,880 (2024 limit) could be counted towards deductible medical expenses. With little (if any) income, that makes this an enormously valuable potential deduction.
If you are married the amount could be as much as $12,040 (2023 figure). Again, your income is likely to be low after age 70 and one of you will likely have medical - dental - vision expenses. Those LTC insurance premiums can now help you reduce your taxes.
A More Detailed Look At Tax Deductibility of Hybrid LTC Policies
Hybrid LTC policies (life insurance policies offering a LTC benefit) may offer some tax deductible benefits.
Click here to see examples of deductibility for linked-benefit LTC policies.
- Tax Advantages For Individuals
- Tax Advantages For Self-Employed
- Tax Advantages For Partnership - Limited Liability Company (LLC) - Subchapter S Corporation
- Tax Advantages For Subchapter C Corporations
- Employer-Pay Contributory Arrangement on Behalf of an Employee
- Gift Tax Exclusion
- Return of Premium
- Health Savings Account (HSA)
- Health Reimbursement Account (HRA)
- Cafeteria Plan
- Flexible Spending Account (FSA)
- STATE TAX DEDUCTIBILITY RULES - Listings For All States Offering Tax Benefits
Individual Purchase
AS YOU AGE … YOUR TAX DEDUCTIBLE LIMIT INCREASES
Tax-qualified LTCi premiums are considered a medical expense. For an individual who itemizes tax deductions, medical expenses are deductible to the extent that they exceed current amount required to meet the individual's Adjusted Gross Income (AGI). The amount of the LTCi premium treated as a medical expense is limited to the eligible LTCi premiums, as defined by Internal Revenue Code 213(d), based on the age of the insured individual. That portion of the LTCi premium that exceeds the eligible LTCi premium is not included as a medical expense.
Individual taxpayers can treat premiums paid for tax-qualified long-term care insurance for themselves, their spouse or any tax dependents (such as parents) as a personal medical expense.
The yearly maximum deductible amount for each individual depends on the insured's attained age at the close of the taxable year (see Table 1 for current limits). These deductible maximums are indexed and increase each year for inflation.
2025 Long Term Care Insurance Federal Tax Deductible Limits
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 480 | |
| More than 40 but not more than 50 | $ 900 | |
| More than 50 but not more than 60 | $1,800 | |
| More than 60 but not more than 70 | $4,810 | |
| More than 70 | $6,0200 | |
The Qualified Long-Term Care Insurance Contract or Life Insurance Contract Per Diem Limitation dollar limit on the benefits is $420 per day.
Source: IRS Revenue Procedure: 2024-40
2024 Long Term Care Insurance Federal Tax Deductible Limits
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 470 | |
| More than 40 but not more than 50 | $ 880 | |
| More than 50 but not more than 60 | $1,760 | |
| More than 60 but not more than 70 | $4,710 | |
| More than 70 | $5,880 | |
The Qualified Long-Term Care Insurance Contract or Life Insurance Contract Per Diem Limitation dollar limit on the benefits is $410 per day.
Source: IRS Revenue Procedure: 2023-34
2023 Long Term Care Insurance Federal Tax Deductible Limits
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 480 | |
| More than 40 but not more than 50 | $ 890 | |
| More than 50 but not more than 60 | $1,790 | |
| More than 60 but not more than 70 | $4,770 | |
| More than 70 | $5,960 | |
The Qualified Long-Term Care Insurance Contract or Life Insurance Contract Per Diem Limitation dollar limit on the benefits is $420 per day.
Source: IRS Revenue Procedure: 2022-38
2022 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 450 | |
| More than 40 but not more than 50 | $ 850 | |
| More than 50 but not more than 60 | $1,690 | |
| More than 60 but not more than 70 | $4,510 | |
| More than 70 | $5,640 | |
The Qualified Long-Term Care Insurance Contract or Life Insurance Contract Per Diem Limitation dollar limit on the benefits is $390 per day.
Source: IRS Revenue Procedure: 2021-45
2021 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 450 | |
| More than 40 but not more than 50 | $ 850 | |
| More than 50 but not more than 60 | $1,690 | |
| More than 60 but not more than 70 | $4,520 | |
| More than 70 | $5,640 | |
The Qualified Long-Term Care Insurance Contract or Life Insurance Contract Per Diem Limitation dollar limit on the benefits will increase to $400 per day, from $380 per day.
Source: IRS Revenue Procedure: 2020-45
2020 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 430 | |
| More than 40 but not more than 50 | $ 810 | |
| More than 50 but not more than 60 | $1,630 | |
| More than 60 but not more than 70 | $4,350 | |
| More than 70 | $5,430 | |
Source: IRS Revenue Procedure: 2019-44
2019 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 420 | |
| More than 40 but not more than 50 | $ 790 | |
| More than 50 but not more than 60 | $1,580 | |
| More than 60 but not more than 70 | $4,220 | |
| More than 70 | $5,270 | |
Source: IRS Revenue Procedure: 2018-57
2018 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 420 | |
| More than 40 but not more than 50 | $ 780 | |
| More than 50 but not more than 60 | $1,560 | |
| More than 60 but not more than 70 | $4,160 | |
| More than 70 | $5,200 | |
Source: IRS Revenue Procedure: 2017-58
2017 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 410 | |
| More than 40 but not more than 50 | $ 770 | |
| More than 50 but not more than 60 | $1,530 | |
| More than 60 but not more than 70 | $4,090 | |
| More than 70 | $5,110 | |
Source: IRS Revenue Procedure: 2016-55
2016 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 390 | |
| More than 40 but not more than 50 | $ 730 | |
| More than 50 but not more than 60 | $1,460 | |
| More than 60 but not more than 70 | $3,900 | |
| More than 70 | $4,870 | |
Source: IRS Revenue Procedure: 2015-53
2015 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 380 | |
| More than 40 but not more than 50 | $ 710 | |
| More than 50 but not more than 60 | $1,430 | |
| More than 60 but not more than 70 | $3,800 | |
| More than 70 | $4,750 | |
Source: IRS Revenue Procedure: 2014-61
2014 Long Term Care Insurance Federal Tax Deductible Limits
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 370 | |
| More than 40 but not more than 50 | $ 700 | |
| More than 50 but not more than 60 | $1,400 | |
| More than 60 but not more than 70 | $3,720 | |
| More than 70 | $4,660 | |
Source: IRS Revenue Procedure: 2013-35
2013 Long Term Care Insurance Federal Tax Deductible Limits
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 360 | |
| More than 40 but not more than 50 | $ 680 | |
| More than 50 but not more than 60 | $1,360 | |
| More than 60 but not more than 70 | $3,640 | |
| More than 70 | $4,550 | |
Source: IRS Revenue Procedure: 2012-41
2012 Long Term Care Insurance Federal Tax Deductible Limits
| Taxpayer's Age At End of Tax Year - Deductible Limit | ||
|---|---|---|
| 40 or less | $ 350 | |
| More than 40 but not more than 50 | $ 660 | |
| More than 50 but not more than 60 | $1,310 | |
| More than 60 but not more than 70 | $3,500 | |
| More than 70 | $4,370 | |
Source: IRS Revenue Procedure: 2011-52
Planning Tip: Some LTC insurers offer "shared care" policies where two people share one pool of benefits. This may be used to maximize the eligible tax deductibility when there is a difference in ages between the spouses.
An Important Fact To Keep in Mind Individuals must health qualify in order to obtain long-term care insurance protection. Once you qualify, you will not lose your coverage even if (or better said when) your health changes. Government data shows that at older ages (after age 65) many people have medical expenses that they itemize on their tax returns. So while you may not be able to deduct LTC insurance premiums in early years, you may find they become deductible in the future ... at a time when that tax deduction really becomes very valuable to you.Tax Savings Tip: Long-term care insurance premiums may be paid from a Health Savings Account (HSA) up to the limits shown above.
Taxability of Benefits Received: Generally, benefits received from a tax-qualified LTCi policy that was purchased by an individual are non-taxable and therefore excluded from Adjusted Gross Income. Benefits paid under an indemnity policy are not taxed unless they exceed the higher of the cost of qualified long-term care will be $380-per-day (2020 limit).
Self-Employed
A self-employed individual can deduct 100% of his/her out-of-pocket long-term care insurance premiums, up to the Eligible Premium amounts listed above [IRC 162(l)]. The portion of LTCi premiums that exceeds the Eligible Premium (see Table 1) amount is not deductible as a medical expense. The deductible amount includes eligible premiums paid for spouses and dependents [IRC 162(l)]. It is not necessary to meet thresholds in order to take this deduction.
However, a self-employed individual may not deduct LTCi premiums during any calendar month in which he/she or his/her spouse is eligible to participate in a subsidized LTCi plan (where the employer pays all or part of the premiums for LTCi).
Partnership ² Limited Liability Company (LLC) ² Subchapter S Corporation
Partners is a partnership, members of an LLC that is taxed as a partnership, and shareholders/employees of Subchapter S Corporations who own more than 2% of the Corporation, are taxed as self-employed individuals. The partnership, LLC or Subchapter S Corporation pays the premium.
The partner, member or shareholder/employee includes the LTCi premium in his/her Adjusted Gross Income, but may deduct up to 100% of the age-based Eligible Premium, as listed in Table 1. It is not necessary to meet a AGI threshold.
Planning Tip: In a sole proprietor or a partnership situation, the owner/partner who has
a spouse who is a true employee can deduct the actual (full) premium for that spouse's policy. If that spouse's policy had a shared benefit rider, that would be included in the deductible premium amount (actual total premium is deductible).
Subchapter C Corporation
When a business purchases a tax-qualified LTCi policy on behalf of any of its employees, or their spouses and dependents, the corporation is entitled to take a 100% deduction as a business expense on the total premium paid. The deduction is not limited to the aged-based Eligible Premiums.
The purchase of a tax-qualified LTCi policy is not subject to any non-discrimination rules, thus allowing an employer to be selective in the classification of employees it elects to cover.
Planning Tip: Premium payments generally will be tax deductible when the class is based on such factors as the officers of the corporation and length of service (e.g. company pays for all those who are Senior Vice President or higher and have been with the company for 12 or more years). Tax rulings have stipulated that the class cannot, however, be based on stock ownership.
Tax Savings Tip: The use of Ten-Pay or Accelerated Premium plans provide higher tax deductions for the Corporation and enable the long-term care insurance premium to be fully paid-up by the time the owner retires (no ongoing premiums) or sells.
Selling Tip: Fiscal Year-End Planning for profitable companies with a retained earnings issue. The fiscal (tax) year for C-Corps generally don't end on December 31st (as they do for 'pass through' entities and individuals). At the beginning of the fourth quarter of their Fiscal Year, profitable companies start looking for tax deductions. Recommend long-term care insurance as an executive benefit … benefits are far more valued than new office furniture.
The premium paid by the business is excluded (not reported) from the employee's Adjusted Gross Income even if the premium exceeds the Eligible Premium amount listed in Table 1.
Employer-Pay Contributory Arrangement on Behalf of an Employee
If an employer pays all or a portion of the tax-qualified LTCi premiums on behalf of an employee, the amount paid is deductible by the employer as a business expense. The deduction is not limited by the age-based limits. The entire employer contribution would also be excluded from the employee's AGI.
If the employer only pays a portion of the premium, the employee is able to apply the balance that he/she pays towards his/her medical expenses, up to the Eligible Premium amount, and would then be entitles to a deduction for medical expenses that exceed 7.5% of AGI.
Gift Tax Exclusion
In addition to the annual Gift Tax Exclusion of $15,000 per donee, a donor has the ability to pay for the medical expenses of the donee [IRC Sec. 2503(e)]. If those medical expenses are tax-qualified LTCi premiums, the exclusion is subject to the age-based limits for Eligible Premium listed in Table 1. An individual (donor) can purchase LTCi policies for family members (donees) and still maintain the annual Gift Tax Exclusion when selecting a Ten-Pay or Accelerated Payment Option.
Return of Premium
The refund is included in the beneficiary's gross income and is taxable, to the extent it was either excluded from the owner's income or deducted by the owner. It must be included as income in the year it is received.
Health Savings Account (HSA)
Tax-qualified LTCi premiums can be reimbursed through an HSA, tax-free up to the Eligible Premium amounts listed in Table 1, even if the HSA is offered through an employer-provided cafeteria plan.
Health Reimbursement Account (HRA)
Reimbursements for insurance covering medical care expenses, as defined in IRC Sec. 213(d), which includes qualified long-term care services and qualified long-term care insurance premiums are allowable under an HRA. Although employers pay for HRAs, an HRA cannot be provided by salary reduction or IRC Sec. 125 plans. As such, the LTCi premiums cannot be paid on a pre-tax basis through an HRA.
Cafeteria Plan
Tax-qualified LTCi premiums cannot be purchased with pre-tax dollars under an employer-provided cafeteria plan. However, LTCi premiums may be paid through an HSA that is offered under an employer-provided cafeteria plan.
Flexible Spending Account (FSA)
Tax-qualified LTCi premiums cannot be reimbursed under an FSA.
If you would like to capitalize on tax advantaged savings available to those purchasing LTC insurance protection, now is the time to start the process. Click here to complete our simple online questionnaire and get the ball rolling.
STATE DEDUCTIBILITY RULES LONG TERM CARE INSURANCE DEDUCTIONS AND CREDITS FOR ALL STATES
NOTE: The following data has NOT BE UPDATED for several years and may no longer be accurate. Consult a tax advisor for current state tax deduction and credit rules
Many states offer tax incentives to encourage the purchase of LTCi. Below is a general summary of state specific tax information for your reference. This information is current through December 2011 and is subject to change.
Taxpayers may need to meet state specific requirements to qualify for deductions or credits for LTCi. For information regarding the tax liability of a case, consultation with a tax consultant or legal advisor is recommended.
What The Coding Means
* = No Credit Or Deduction. No Broad-Based State Income Tax.
** = Same As Federal Tax Law (see above for details).
ALABAMA
Deduction Individuals are allowed an itemized deduction for qualified long term care insurance contract to the extent that the amount does not exceed specified limitations. These amounts are indexed. Businesses, whether incorporated or not, may deduct LTC insurance as reasonable compensation expenses.
ALASKA*
No tax benefits presently.
ARIZONA*
No tax benefits presently
ARKANSAS**
Deduction A deduction is allowed to the limits provided in the federal Internal Revenue Code (see above for details)
CALIFORNIA
Deduction A deduction is allowed to the limits provided in the federal Internal Revenue Code (see above for details)
COLORADO
Credit A Credit is allowed for 25 percent of the premiums paid for long term care insurance during tax year for the individual and spouse. The Colorado credit is only applicable to those with federal taxable income of less than $50,000; to two individuals filing a joint return with a federal taxable income of less than $50,000 if claiming the credit for one policy; or less than $100,000 if claiming the credit for two policies.
CONNECTICUT*
No tax benefits presently
DELAWARE*
No tax benefits presently
DISTRICT OF COLUMBIA
Deduction A deduction for long term care insurance premiums paid annually ius allowed from gross income provided that the deduction does no exceed $500 per year, per individual. It does not matter whether the individual files joiuntly and the LTC poilicy must meet District of Columbia's definitions.
FLORIDA*
No tax benefits presently
GEORGIA*
No tax benefits presently
HAWAII
Deduction Same as federal tax law, except subject to 7.5% of HI adjusted gross income, instead of federal adjusted gross income.
IDAHO
Deduction A deduction is allowed for premium paid by a taxpayer for LTCi which is for the benefit of the taxpayer, a dependent of the taxpayer or an employee of a taxpayer and the amount can be deducted from taxable income to the extent the premium is not otherwise deducted by taxpayer.
ILLINOIS*
No tax benefits presently
INDIANA
Deduction Deduction up to full cost of premium paid for qualified LTCi for taxpayer and taxpayer's spouse paid in the taxable year.
IOWA**
Deduction A deduction is allowed to the limits provided in the federal Internal Revenue Code (see above for details)
KANSAS
Deduction For tax years beginning in 2005,a subtraction from federal adjusted gross income for $500 in the tax year 2005, increasing each year by $100 until 2010. After 2010, it is a $1000 subtraction from the federal adjusted gross income for premium costs for qualified LTCi.
KENTUCKY
Deduction Deduction from adjusted gross income allowed for any amount paid during the tax year for LTC premiums.
LOUISIANA
Credit A credit against the individual income tax is allowed for amounts paid as premiums for eligible long term care insurance. The amount of the credit equals 10 percent of the total amount of premiums paid each year by each individual claiming the tax credit and the policy must meet the specific qualification requirements.
MAINE
Deduction The Superintendent of the State must certify the policy you purchase as a qualifying long term care policy. Then you are pemitted a deduction as long as the amount subtracted is reduced by the amount claimed as a deduction for federal income tax purposes. Sounds more complicated than it really is. Employers providing long term care benefits to employees may also qualify for a tax credit which follows a formula equal to the lowest of $5,000, 20 percent of the costs or $100 for each employee covered.
MARYLAND
Credit Taxpayer is allowed a one-time credit against the state income tax in an amount equal to 100% of eligible LTCi premium paid. The credit may not exceed $500 for each insured, may not be claimed by more than one taxpayer with respect to the same individual and may not be claimed if the insured was covered by LTCi before July 1 2000. No carryover is allowed. For employers, a credit up to an amount equal to 5% of the costs incurred by the employer during the taxable year for providing LTCi as part of the benefit package. The credit may not exceed $5000 or $100 for each employee covered by LTCi under the benefit package.
MASSACHUSETTS*
No tax benefits presently
MICHIGAN*
No tax benefits presently
MINNESOTA
Credit A credit is allowed for LTCi premiums equal to the lesser of: (1) 25% of premiums paid to the extent not deducted in determining federal taxable income; or (2) $100 (which equals $200 for married couples who file joint tax returns.)
.
MISSISSIPPI
Credit A credit equal to 25% of premium costs paid during the taxable year for a qualified policy for self, spouse, parent, parent-in-law, or dependent. The credit cannot exceed $500.
MISSOURI
Deduction Taxpayers may deduct 100% of all non-reimbursed amounts paid for qualified LTCi premiums to the extent such amounts are not included in itemized deductions.
MONTANA
Deduction - Credit Montana offers both a deduction for entire amount of qualified LTCi premiums covering taxpayer, taxpayer's parents, grandparents & dependents. A tax credit is now allowed for for premiums paid for long term care insurance coverage for a qualifying family member. The amount of the credit shall be based on the taxpayer's adjusted gross income and can not exceed $5,000 per qualifying family member in a taxable year. Or, $10,000 for two or more family members.
NEBRASKA
Deduction Nevada now permits a tax deduction for Long Term Care Savings Plan contributions of up to $2,000 per married filing jointly return or $1,000 for any otrher return to the extent that it is not deducted for federal income tax purposes.
NEVADA*
No tax benefits presently
NEW HAMPSHIRE*
No tax benefits presently
NEW JERSEY
Deduction Deduction of LTC insurance premiums may be taken if they exceed 2% of adjusted gross income and cannot be reimbursed.
NEW MEXICO
Credit / Deduction. New Mexico permits taxpayers who are age 65 and older and who are not a dependent of another taxpayer to claim a credit of $2,800 for medical care expenses which includes long term care insurance premiums paid for the filing taxpayer, spouse or dependents if expenses equal $28,000 or more within the particular taxable yeare (and so long as the expenses are nopt reimbursed). A deduction allows taxpayers an additional exemption of $3,000 for medical expenses if expenses (including the cost for LTC insurance) equal $28,000 or more within the taxable year and if expenses are not reimbursed or otherwise covered.
NEW YORK
Credit Credit for 20% of premium paid for qualifying LTCi premiums. Taxpayer is permitted to carry over to future tax years any credit amount in excess of taxpayer�s tax liability for the year. Employers are eligible for a credit equal to 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under, a LTCi policy. The credit is not refundable and the credit may not reduce the tax to less than the minimum tax due.
NORTH CAROLINA
Removed all deductions for tax years 2004 and after.
NORTH DAKOTA
Credit A credit is allowed for premiums paid on LTC insurance for taxpayer and or spouse up to $250 within any taxable year.
OHIO
Deduction Deduction of federally qualified LTCi premiums for taxpayer, taxpayer's spouse and dependents to the extent deduction is not allowed in computing federal adj.gross income.
OKLAHOMA**
No tax benefits presently
OREGON
Credit Credit equal to the lesser of 15% of premiums paid during the tax year or $500 for LTC insurance coverage for individual, dependent or parents. For employers, a credit of $500 is allowed for each employee covered by an employer-sponsored policy.
PENNSYLVANIA*
No tax benefits presently
PUERTO RICO*
No tax benefits presently
RHODE ISLAND**
No tax benefits presently
SOUTH CAROLINA**
No tax benefits presently
SOUTH DAKOTA*
No tax benefits presently
TENNESSEE*
No tax benefits presently
TEXAS*
No tax benefits presently
UTAH*
No tax benefits presently
VERMONT**
No tax benefits presently
VIRGINIA
Deduction Virginia statutes permit a deduction but no longer a credit. Consulkt with your tax advisor for details.
WASHINGTON*
No tax benefits presently
WEST VIRGINIA
Deduction Deduction for LTCi premiums covering taxpayer, taxpayer's spouse, parents and dependents to the extent the amount paid for LTCi is not deducted in determining federal income tax.
WISCONSIN
Deduction Deduction allowed for taxpayer & taxpayer's spouse for 100% of the amount paid for a LTCi policy to the extent the same deduction is not taken for federal income tax purposes.
WYOMING*
No tax benefits presently
What The Coding Means
* = No Credit Or Deduction. No Broad-Based State Income Tax.
** = Same As Federal Tax Law (see above for details).
If you would like to capitalize on tax advantaged savings available to those purchasing LTC insurance protection, now is the time to start the process. Click here to complete our simple online questionnaire and get the ball rolling.
Acknowledgements: The American Association for Long-Term Care Insurance does not provide tax advice and does not warrant the information provided herewith. As mentioned previously, always seek the counsel of a professional tax advisor.
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