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IRS Announces Increased LTCi Premium Deductibility Limits for 2010
The IRS has announced the 2010 limits on the tax deductibility of qualified long term care insurance premiums. Deductible limits are up across the board from 2009, ranging from $10 for the youngest group to more $130 for the oldest. For the first time, the maximum deductible limit for an individual exceeds $4,000.
The 2010 limits are as follows:
| Attained Age Before Close of Taxable Year |
Maximum Deductible Limit |
| Age 40 or less: |
$ 330 |
| More than 40 but not more than 50: |
$ 620 |
| More than 50 but not more than 60: |
$1,230 |
| More than 60 but not more than 70: |
$3,290 |
| More than 70: |
$4,110 |
The maximum non-taxable per diem benefit will be $290 in 2010, up $10 from 2009.
Sources:
IRS Revenue Procedure 2008-66, 2009-50
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