I will not be paying any premiums on this policy.
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Currently, the IRS limits one-year deduction for long term care to the single year limit (see below), whether it was a lump sum payment or an annual payment.
Thus, under the current rules, only a little of the $50,000 would be deductible.
The 2016 limits are
IRC subsection 213(d)(10) states as follows: “…the term ‘eligible long-term care premiums’ means the amount paid during a taxable year by any individual for any long-term care insurance contract…..to the extent such amount does not exceed the limitation…." There is no allowance for single premium versus annual payments.
There do not appear to be any rulings or other interpretations on this subject (yet).
Currently, the IRS limits one-year deduction for long term care to the single year limit (see below), whether it was a lump sum payment or an annual payment.
Thus, under the current rules, only a little of the $50,000 would be deductible.
The 2016 limits are
IRC subsection 213(d)(10) states as follows: “…the term ‘eligible long-term care premiums’ means the amount paid during a taxable year by any individual for any long-term care insurance contract…..to the extent such amount does not exceed the limitation…." There is no allowance for single premium versus annual payments.
There do not appear to be any rulings or other interpretations on this subject (yet).Still have questions?
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