2018 Tax Limits Announced

The IRS has announced the 2018 tax deductible limits for eligible long-term care insurance premiums.

The 2018 limits are as follows:

Attained Age Before Close of Taxable Year

Maximum Deductible Limit

Age 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

For calendar year 2018, the per-diem limitation for periodic payments received under a qualified long-term care insurance contract is $360.

IRS Revenue Procedure 2017-58

 


INDIVIDUAL INSURANCE