Long-Term Care Premium Deductibility Limits For 2016 Have Been Issued By The IRS

The Internal Revenue Service (IRS) has recently released the long-term care premium deductibility limits for 2016.  Taxpayers will be able to increase the amount that they can deduct from their 2016 taxes as a result of purchasing long-term care insurance.  The premiums for these insurance policies and any other medical expenses are deductible to the extent that exceed 10% of a person’s adjusted gross income.   There are limits to how large a premium can be deducted that often depends on the age of the taxpayer.  This article provides a chart showing the deductibility limits that will apply to the year 2016.  The article also spells out the requirements for a “qualified” policy. 

See IRS Issues Long-Term Care Premium Deductibility Limits For 2016, Elder Law Answers, October 21, 2015.