Idaho

Deduction

For taxable years commencing on or after 01/01/2004, premiums paid during the taxable year, by a taxpayer for long-term care insurance, which long-term care insurance is to be for the benefit of the taxpayer, a dependent of the taxpayer or an employee of the taxpayer, may be deducted from taxable income to the extent that the premium is not otherwise deducted or accounted for by the taxpayer for Idaho income tax purposes. The deduction may be taken for a federally tax-qualified long-term care insurance policy meeting Idaho’s definition of long-term care insurance.

Prior to 01/01/2004, prior law permitted a taxpayer to deduct half of the premiums paid for long-term care insurance for the taxpayer, the taxpayers spouse or dependent of employee if the premium is not otherwise deductible. After 01/01/2004, the limitation and allows the deduction for the full amount of the premiums.