I received an offer to surrender my Long Term Care Certificate of coverage with a payoff. My payments were tax deductible. How can I figure out my tax liability?

Is the whole amount that I received added to my income? Do I get to minus the amount I paid in? I always did a long form and claimed the deduction on my taxes?

posted

The whole amount you received would be taxable if you deducted the premium payments. Otherwise, you would be deducting the premium payments twice.

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Now that the standard deduction increased does that allow me to convert more dollars from an IRA to a Roth and not incur as much tax liability?

in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill

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I received an offer to surrender my Long Term Care Certificate of coverage with a payoff. My payments were tax deductible. How can I figure out my tax liability?

I received an offer to surrender my Long Term Care Certificate of coverage with a payoff. My payments were tax deductible. How can I figure out my tax liability?

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I received an offer to surrender my Long Term Care Certificate of coverage with a payoff. My payments were tax deductible. How can I figure out my tax liability?

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I received an offer to surrender my Long Term Care Certificate of coverage with a payoff. My payments were tax deductible. How can I figure out my tax liability?

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