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Monday, November 24, 2008

Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion

by taxnick on November 24, 2008

The limit on the exclusion for payments made on a per diem or other periodic basis under a long-term care insurance contract increased last year to $260 per day. The limit applies to the total of these payments and any accelerated death benefits made on a per diem or other periodic basis under a life [...]

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Adoption Tax Credits

by taxnick on November 24, 2008

Adoption credit. The credit allowed for an adoption of a child with special needs is $11,390 and the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $11,390. The credit begins to phase out if you have modified adjusted gross income of $170,820 or more and is completely [...]

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