The Tax Benefits You Can Reap from Long Term Care Insurance
If a shareholder/employee purchases LTCi under his or her name and not the S Corporation
, the S Corporation will not be considered as partnership and the shareholder is no longer considered a partner as well. Also, the shareholder is not considered as self-employed and is only allowed to use the eligible LTCi premiums in the itemized deductions, which are subject to the 7.5 percent AGI threshold.
The Tax Benefits You Can Reap from Long Term Care Insurance