Long Term Care and Retirement Security Act, HR4772 and S2492

Make sure you write your elected officials about the following acts. HR 4472 and S 2492. This is an important piece of legislature. It will allow a deduction to all individuals who purchase a qualified LTC plan to deduct 100% of the premium. Currently you need to itemize deductions and meet the 7.5% Adjusted Gross Income threshold to deduct this on your federal taxes. If you meet the 7.5% AGI threshold, then the amount you can deduct is based upon your age. Note: deductibility is different if you are self-employed or a business owner.