Last updated: November 20th, 2024
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.
- 2023 Tax Summary Tax-Qualified Long-Term Care Insurance
- Claim for Long-Term Care Insurance Credit 2023 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
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.
Map of state-level activity regarding legislation for publicly funded Long Term Care programs (as of June 2024)
