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Maryland Long-Term Care Insurance Credit

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Question
Maryland Long-Term Care Insurance Credit

Answer

A one-time credit may be claimed against the state income tax for the payment of qualified long-term care (LTC) insurance premiums as defined by the IRS (Publication 502) for a policy to insure yourself, or your spouse, parent, stepparent, child or stepchild, who is a resident of Maryland. A credit may not be claimed if:

a. The insured was covered by LTC insurance prior to July 1, 2000;

b. The credit for the insured is being claimed in this year by another taxpayer;

c. The credit is being or has been claimed by anyone in any other tax year; or

d. The insured is a nonresident of Maryland.

The credit is equal to the LTC premiums paid with a maximum per insured of:

Amount Age of Insured as of 12/31/14

$370 40 or less

$500 over 40 years

 


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Article Details
Views: 785 Created on: Jun 15, 2013
Date updated: Aug 19, 2015
Posted in: STATES, Maryland

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