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IRS Raises LTCI Premium Deduction Limits

The Internal Revenue Service issued Revenue Procedure 2004-71, outlining deductibility levels for long term care insurance premiums. For 2005, the limits under IRC Section 213(d)(10) are amended upward from 2004, as shown in the accompanying table:

Age Attained before close of taxable year
Deduction Limitation 2005
Deduction Limitation 2004
40 or less
$270
$260
41-50
$510
$490
51-60
$1,020
$980
61-70
$2,720
$2,600
71 or more
$3,400
$3,250

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