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North Carolina Long Term Care Tax Guide |
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While we have blogged about the tax implications of long-term care insurance here before, there's always room for more information when it comes to getting incentives from the government. Now that Hillary Clinton is no longer running for President, you can safely ignore our page (and this page as well) on that.
Today I wanted to point our North Carolina readers who are researching long-term care insurance to the page at The North Carolina Dept. of Revenue that specifically comments on long-term care insurance and the tax credits that come along with it.
A few highlights from North Carolina on Long-Term Care Insurance and Tax Deductibility:
- Effective for the tax years beginning on or after January 1, 2007
- For Married Filing Jointly/Qualifying widow(er), the income limit is $100,000.
- The credit is 15 percent of the premiums paid but may not exceed $350
for each qualified long-term care insurance contract for which a credit
is claimed.
- Medical insurance premiums that you pay for general health
care, hospitalization, or disability insurance do not qualify as
premiums paid for a long-term care insurance contract.
So request a quote now for yourself, or visit the State of North Carolina site linked above for more information!
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