2010 Tax Limits Announced

The Internal Revenue Service (IRS) has just announced the increased deductibility levels for long-term care insurance policies purchased in 2010. I think there are several positive things worth noting ... and sharing with others.

First, the maximum deductible limit for an individual now exceeds $4,000. That should get some people's attention - even though few individuals qualify for the personal deduction. Second, the levels were increased for 2010. Pension contribution limits for 2010 were NOT increased.

Here are the 2010 limits:

Attained Age Before Close of Taxable Year
Age 40 or less: $ 330
More than 40 but not more than 50: $ 620
More than 50 but not more than 60: $1,230
More than 60 but not more than 70: $3,290
More than 70: $4,110

The per-diem limitation under 7702(d)(4) for calendar year 2010 is $290.