Karp Loshak Long Term Care Insurance Solutions Resources
2020/2021 Federal Allowable Deductible Tax Summary
“Self-employed” business owners including: Sole Proprietor, Partner, S-Corporation, >2% shareholder/employee(W-2), Member of a LLC, or PC taxed as any of above are eligible for age banded allowable deductions. May also include spouse or other eligible tax dependents.
Attained Age Before the Close of Taxable Year | Maximum Deduction for 2021 | Maximum Deduction for 2020 |
40 or less | $450 | $430 |
Age 41-50 | $850 | $810 |
Age 51-60 | $1690 | $1630 |
Age 61 - 70 | $4520 | $4350 |
Age 71 and older | $5640 | $5430 |
Karp Loshak LTC Insurance Solutions Forms and Guides
- 2020 Federal Tax Summary for Qualified Long Term Care Insurance
- Claim for Long-Term Care Insurance Credit 2020 NYS Tax Form IT-249
- Instructions for Form IT-249 for 2020 – New York State Tax Credit
- Claim for Long-Term Care Insurance Credit 2019 NYS Tax Form IT-249
- Tax Incentives by State
- Cost of Care
- Using 1035 exchanges for Life/LTC plans, SPIAs for fund traditional LTC and more
