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Long term care insurance holders eligible for tax deductionsPosted On Tue, February 9, 2010
Policyholders of long term care insurance need to remember to fill out their tax returns properly, as they may qualify for significant deductions based on their age and insurance premiums.
According to experts from LTC Financial Partners, consumers who have the insurance should speak to tax experts and determine if they are eligible for the deductions. The refunds begin at up to $320 for policyholders under the age of 40.
The deduction maximums increase to $600 for those between he ages of 41 and 50, $1,190 for holders between 51 and 60, and $3,180 for those between 61 and 70 years old.
Policyholders over the age of 70 are eligible or the biggest deduction of $3,980 from their premiums.
Additionally, for consumers who did not begin a long term care plan in time to qualify for the deductions for this tax season can be eligible for them next year if they take out a policy in 2010.
"These deductions are not a one-time thing," said Cameron Truesdell, the CEO of LTCFP. "They recur. You can take them each and every year that you pay premiums; and the deductible limits have been increasing annually."
Deductions are expected to increase to a $330 maximum deduction for those under 40-years-old and top out at $4,1110 for policyholders over the age of 70.
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