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I will opt out of my long care policy. All premiums made will be returned to me. Is this amount taxable?
"I will opt out of my long care policy. All premiums made will be returned to me. Is this amount taxable?"
if you have been deducting the premiums on your returns ( in the past) then to the extent this contributed to your getting a deduction ( i.e. it was above 7.5%, then 10% and now again 7.5%) then yes , it may be taxable ( ideally should be amended on those years ). Any growth i.e. you receiving more than your contribution total will be taxable in the year received.
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