Karp Loshak Long Term Care Insurance Solutions Resources
2022/2023 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 2023 | Maximum Deduction for 2022 |
40 or less | $480 | $450 |
Age 41-50 | $890 | $850 |
Age 51-60 | $1,790 | $1,690 |
Age 61 - 70 | $4,770 | $4,510 |
Age 71 and older | $5,960 | $5,640 |
Karp Loshak LTC Insurance Solutions Forms and Guides
- Client Intake Form -To view the fillable PDF, please download to your computer and open in Adobe Reader.
- 2021/2022 Federal Tax Summary for Qualified Long Term Care Insurance
- Claim for Long-Term Care Insurance Credit 2021 NYS Tax Form IT-249
- Tax Incentives by State
- State-level Tax Incentives for Individuals
- Cost of Care
- Using 1035 exchanges for Life/LTC plans, SPIAs for fund traditional LTC and more
