Question

Roger and Mildred, both age 69, are filing a joint tax return. They both have long-term...

Roger and Mildred, both age 69, are filing a joint tax return. They both have long-term care insurance policies. Roger pays $3800 premium for his policy, and Mildred pays $4200 for her policy. What is the total amount of their premiums that Roger and Mildred can deduct?

a) $7960
b) $8000
c) $8320
d) $8360

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Answer #1

Ans:

Long term care insurance tax deduction:

For FY 2020. Age Group of 61-70 can claim individual 100% deduction upto $4,350, in case of joint filing of return deduction will be $4,350*2 = $8,700.

So premium paid by Roger and Mildred : $3,800 + $4,200 = $8,000

So they are allowed for a 100% deduction on $8,000.

So correct answer is option B.

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