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Submitted By: Joan
Answered: May 22, 2015 9:38 am
Answered: May 22, 2015 9:38 am
Is the dollar limit for deducting long-term care insurance premiums figured on a per-person or per-couple basis?
Each spouse who has a policy can take the deduction up to the dollar limit for his/her age. Thus, if both spouses are age 71 and they each pay premiums in 2015 of at least $4,750, they can deduct $9,500 on their 2015 joint return ($4,750 each, the maximum deduction for 2015).
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Tax Glossary
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
