Tax help

[Jenn Lynn]

Can someone explain this in english? This has to do with insurance premiums.

Deduction Limits:

Limit the premium paid for each person according to that person's age at the end of 2006:
- 40 or younger - $280
- 41 to 50 - $530
- 51 to 60 - $1,060
- 61 to 70 - $2,830
- 71 or older - $3,530

 

[shoes99]

Can someone explain this in english? This has to do with insurance premiums.

Deduction Limits:

Limit the premium paid for each person according to that person's age at the end of 2006:
- 40 or younger - $280
- 41 to 50 - $530
- 51 to 60 - $1,060
- 61 to 70 - $2,830
- 71 or older - $3,530

This is for Long Term Care Insurance Premium Payments.Attained age before the close of the taxable year. I am 60 and my yearly LTC insurance is $1400, so $1060 is eligible to add to itemized deductions..