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