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Tax Drill - Long-term Care Insurance Valentino is a patient in a nursing home for 45...


Tax Drill - Long-term Care Insurance Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home,
Tax Drill - Long-term Care Insurance Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care Insurance policy, which pays while he is in the facility. Assume that the daily federal statutory amount for Valentino is $380. Valentino may exclude $ 7,700 X of the $15,000 from his gross income.
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Daily Statutory Amount in 2020 (45 * 380 ) (a) $17,100

Actual cost of the Care (b)                                     $13,500

Allowable Cost {higher of a or b}                           $17,100

Less: Medicare Pays                                                 $8,000

Amount of exclusion from gross total income   $9,100

{long term care insurance received is included in the gross total income}

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