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Financial Planning > Tax Planning > IRS Updates

IRS Updates Minimums And Maximums

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The Internal Revenue Service has applied 2009 tax year inflation adjustments to dollar limitations for long term care insurance tax breaks and other items.

The adjustments are required by Section 415 of the Internal Revenue Code, which requires the IRS to increase many minimums, maximums and other figures to reflect increases in the cost of living.

Taxpayers who are eligible to deduct long term care insurance premiums will be able to record deductions ranging from $320 for taxpayers ages 40 and younger to $3,980 for taxpayers ages 70 and older.

In 2008, the deduction range for LTC premiums was $310 to $3,850.


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