LTC Bullet: LTCI Tax Deductibility--State and Federal
Thursday, January 29, 2009
LTC Comment: AALTCI explains state and federal tax treatment of long-term care insurance; details and a link after the ***news.***
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LTC BULLET: LTCI TAX DEDUCTIBILITY--STATE AND FEDERAL
LTC Comment: On the road promoting responsible LTC planning, the question I'm asked most frequently is: When will private long-term care insurance receive above-the-line federal tax deductibility? Answer: probably never, but certainly not until research shows conclusively that such deductibility will save the federal budget more than it costs even in the short run. We have a strategy that could provide that proof in case anyone would like to sponsor such a study.
The next most common question I'm asked is: "How is LTC insurance treated under current tax law?" For the answer to that question, we have brand new information.
Kudos to Jesse Slome and the American Association for Long-Term Care Insurance (www.aaltci.org) for bringing us details on state and federal tax treatment of long-term care insurance. Yesterday's AALTCI press release follows. Find all the details at http://www.aaltci.org/tax. We'll also highlight this information in The Zone.
Contact: Jesse Slome, Executive Director, American Association for Long-Term Care Insurance; (818) 597-3227; E-mail: email@example.com
LTC INSURANCE TAX DEDUCTIBILITY RULES NOW AVAILABLE ONLINE
Both Federal And State Tax Incentives For Those Purchasing LTC Insurance Protection
Looking for current federal and state tax deductibility rules pertaining to long-term care insurance?
They can now be accessed on the American Association for Long-Term Care Insurance's website: www.aaltci.org/tax.
"Over eight million Americans now own long-term care insurance and the federal government and many states offer tax deductions and tax incentives that increase yearly," explains Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance (AALTCI).
The advocacy and educational organization's website provides a comprehensive explanation of the tax advantaged rules pertaining as well as a state-by-state listing identifying which states mirror the federal limits and which have established their own rules.
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