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 a
re eligible for age banded allowable deductions. May also include spouse or other eligible tax dependents.

Eligible LTCI Premium in 2020/2021 (Indexed)
Deduction is NOT limited to 10% of AGI threshold.

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

To learn about the Long Term Care Insurance plan that is best for you, your loved ones, or your clients, contact us at 516.801.1419 or email info@karploshak.com.