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Old 01-15-2011, 12:18 PM
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The limits on deducting long term care premiums increase in 2011!

The following represent the changes to the Deductibilitiy of the 2011 Long Term Care Premiums as shown below;
  1. For taxpayers who are aged 71 and above, they can now deduct their Long term care premiums as much as $4,240 per person for the tax year 2011.

  2. For taxpayers who are aged 61 to 70, they can now deduct Long term care premiums as much as $3,390 per person for the tax year 2011.

  3. For taxpayers who are aged 50 to 60, they can now deduct Long term care premiums as much as $1,270 per person for the tax year 2011.

  4. For taxpayers who are aged 41 to 50, they can now deduct Long term care premiums as much as $340 per person for the tax year 2011.

  5. The tax free payouts under these Long Term Care Policies has increased to $300 per day.

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