Massachusetts Estate Planning & Asset Protection Blog

Understanding Long Term Care Planning

Posted by Dennis Sullivan & Associates on Fri, Jan 19, 2018

Facing the enormity of long term care, whether it is the financial, healthcare, emotional or psychological issues, it is so overwhelming. 

It's needs a team effort!  With the help of family, friends and our team here at Dennis Sullivan and Associates you can make the enormity of long term care manageable 

 

What exactly is "Long Term Care Planning" ? 

Here's one way to look at long term care planning: 

In today’s world, the question is no longer only, “What happens when I die?, but now we need to plan for “What happens if I live?” An estate plan covers the scenario of, What happens when I die.  But long term care covers a large variety of other factors and scenarios that sometime families forget to consider such as what happens if I live but am not healthy and have increased health-care costs and need to rely on others for assistance, either temporarily or on a permanent basis. The estate plan does not address this need. An estate plan can help you answer the first question, but a long-term care plan can help you answer both the first and second questions. Let’s put it another way. An estate plan insures that if you have assets when you die they will be passed in the manner you wish. The key word is “if.” The plan will not, however, guarantee that there will be anything left at that time to pass. Your assets could be mostly or entirely wiped out by a lengthy illness, hospital, and/or nursing home stay, leaving your spouse and other heirs with nothing.

 long Term Care and Medicaid:

I had a conversation last week with a married couple for whom we are preparing a Medicaid application. John is in a nursing home, and Mary is healthy and living at home. I explained to them that Mary can keep half of their countable assets, in their case $75,000, but that they must spend down to below that dollar amount by the last day of the month directly preceding the month we want to qualify John for Medicaid. I have had this conversation numerous times with clients in John and Mary’s situation, and know all too well that this simple instruction is not always followed. The largest part of most spend downs typically goes to the nursing home. But, as most people do, myself included, we wait until we get a bill before we pay it. If I owe you money, I’m not going to chase after you for a bill. Whenever you get around to it and invoice me, then I’ll pay it. The longer the money stays in my bank account, the happier I am. However, this can get you into big trouble and cost you tens of thousands of dollars if you wait for the nursing home bill. If we want John to be eligible for Medicaid next month and we know that he owes the nursing home $20,000 for the past two months of care, but the nursing home hasn’t yet presented Mary with a bill, it does not matter that Mary and John legitimately owe the facility the money. If that $20,000 is still sitting in their bank account next month, causing their account balance to exceed $75,000, John cannot qualify for Medicaid. Even worse than that, he can’t even qualify for next month. He has to wait until the following month, which means they will owe the facility another $10,000, leaving Mary with $65,000 to live on.


So Much to Discuss

For more information on Long Term Care Planning we encourage you attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy. January sessions are filling up fast call or register on line to reserve your seat today.  

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future. 


Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Dennis Sullivan, Elder Law, Estate Planning, Estate Planning Recommendations, Estate Planning Tip, Financial Planning, Retirement, coverage, senior, Attorney, Baby Boomers, Capital Gains Tax, GST tax, Massachusetts, New estate tax law, IRS, Massacusetts Estate Tax, Tax Savings, federal, new regulations, tax, tax reform, tax deductions, taxes, tax liability, tax exemption, New Tax Bill, Tax Bill, 2018 Tax Bill

New Tax Bill: What you need to know

Posted by Dennis Sullivan & Associates on Fri, Jan 05, 2018

How does the new tax bill affect you and your family now and in the future?

The new tax bill has officially been passed by Congress and signed by President Trump, what does this mean for us?  The answer to this depends on many variables discussed here. 

 

First of all, these changes don’t apply until you file your 2018 taxes, meaning that you won’t have to worry about the new law when filing your 2017 income tax returns this spring.  That being said, still we will be experiencing the greatest overhaul of the tax laws in more than 30 years.  The last major changes having been made under President Reagan in 1986. 

One change you can expect to see is that both corporate tax rates and personal income tax rates will drop.  There are also other changes which limit or eliminate personal deductions.   The changes that affect corporate tax rates are permanent, and the changes that affect individual tax rates and deductions are not.

Also in the new tax bill you will find a “sunset” provision, meaning that the new law – as it applies to individuals – will expire on December 31, 2025.   That is, unless Congress agrees to extend the law.  That, of course, will depend on the political and economic climate 8 years from now, including whether the economy responds the way Republicans say it will

       Now let’s take a look at the changes that are likely to affect the average senior.  Good news, the tax rates have been lowered a bit.  There are still 7 tax brackets but the rates have changed with the top rate lowered from 39.6% to 37% and the threshold at which each rate is reached has been altered. (The corporate rate reduction is much greater, from 37% to 21%).

       Some of the most significant changes relate to deductions.  The standard deduction has been doubled to $12,000 for a single person and $24,000 for married couples but personal exemptions have been eliminated.  The deduction for state and local taxes will be capped at $10,000, something that could hurt many Massachusetts residents and especially homeowners because we have high real estate and state income taxes.  


So Much to Discuss:

For the first time in decades major overhauls to the tax system are happening! This is an enormous change that can affect your estate planning and asset protection as well. Be sure to stay tuned as we will discuss more about this new tax bill in our next blog post!    

For more information we encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy. January sessions are filling up fast call or register on line to reserve your seat today.  

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future. 


Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Dennis Sullivan, Elder Law, Estate Planning, Estate Planning Recommendations, Estate Planning Tip, Financial Planning, Retirement, coverage, senior, Attorney, Baby Boomers, Capital Gains Tax, GST tax, Massachusetts, New estate tax law, IRS, Massacusetts Estate Tax, Tax Savings, federal, new regulations, tax, tax reform, tax deductions, taxes, tax liability, tax exemption, New Tax Bill, Tax Bill, 2018 Tax Bill

Tax Fraud, Medicaid Penalty, or Both? Part 2 | Massachusetts Estate Planning Attorney

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Thu, Jan 30, 2014

 

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Last time we were discussing Ed’s problem.  His brother Tom had been using Dad’s account to buy and sell Tom’s investments, presumably because having Dad pay the tax instead of Tom was more beneficial.  However, what happens when Dad applies for Medicaid?

Medicaid will definitely question the $500,000 in assets transferred back from Dad to Tom.  As long as Tom can show that he originally transferred the assets to Dad, then the transfer back is simply Tom taking his money back.  Ed, however, told me of Tom’s reluctance to cooperate, for obvious reasons.

I explained that while I cannot guarantee that the IRS or State Division of Taxation won’t catch on, it is highly unlikely.  I don’t know of any instance in which Medicaid has reported what it sees on a Medicaid application to the IRS or Massachusetts’ income tax division.  Government bureaucracies don’t communicate well with each other.  And certainly there is even less communication between federal and state government.  So, I think it is very unlikely that Tom will run into problems because of what is disclosed as part of a Medicaid application.

Still, that may not be enough to secure Tom’s cooperation.  But, I told Ed that his calling me now, while Dad still has significant assets, was a good thing.  Knowing the potential problems that lie ahead, we can work around them.

Ed told me that Dad receives $2250 from Social Security and a pension and that he is a Korean War Veteran.  That’s good.  Moving Dad’s assets into a VA qualifying trust, we can get him a VA Aid and Attendance pension of  $1753 per month if he moves to an assisted living facility.  At $4000 per month his income would entirely cover the $4000 monthly cost of care that Ed had estimated.

It is very likely, however, that as Dad’s health declines he’ll need increased care so that $4000 number will climb.  Our goal is to stretch his dollars so that he does not need Medicaid until 5 years after Tom took his $500,000 back.  Why?  Because then we won’t have to explain it all to Medicaid since it will fall outside the 5 year look back.

Doing the math, I showed Ed how that was very doable.  Tom took back his money 6 months ago.  So we really have to get through the next 4 and ½ years, 54 months.  If over that 54 month period Dad’s care averages $6000 per month, he’ll need an additional $2000 above what his income can cover.   That money would come from the money we transferred to the trust, approximately $108,000 in total.  Once we’re past the 5 years we don’t have to worry about the mess Tom created.

But what if Dad’s health deteriorates more rapidly and he needs nursing home care at $10,000 per month after, say, 6 months.  Well, that means the shortfall over 4.5 years would be about $300,000 and Dad would have just enough to get through till Medicaid kicks in.

I explained to Ed that these were all estimates but the point I was making, which he clearly understood, is that we need to manage Dad’s care and costs with an eye towards Medicaid down the road.  Of course, we don’t know what scenario will actually occur, but following my plan he’ll be ready for whatever the future throws at him.  And we won’t have to worry about getting Tom to cooperate to fix the mess he created.

At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: IRS, Medicaid, MassHealth, medicaid qualification, Medicaid penalties, 2014

Massachusetts Estate Planning Attorney | The Fiscal Cliff Deal and Your Estate Plan

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Jan 04, 2013

What Does Avoiding The Fiscal Cliff Mean for Your Estate Plan?

Nearly 2.5 million Americans die each year, and many haven’t signed the basic documents needed to protect loved ones.  (Click Here to Learn More About How to Avoid the Top Mistakes in Estate & Asset Protection Planning).

Now that the fiscal cliff has been averted there is widespread confusion about the effect on estate planning of the 11th hour tax law passed by the Senate on New Year’s Eve, and by the House of Representatives one day later.  What Congress did in this arena was to make permanent the system that has been in effect for the past two years.

That was an important achievement because without any action the tax-free amount would have automatically reverted to $1 million per person and the rate for most estates would have gone up to 55%.  At the end of the day the only thing the lawmakers actually changed is the gift- and estate-tax rate, which has gone up to a top rate of 40% from a maximum of 35%.

Here are questions and answers on the federal estate tax after the fiscal cliff deal.

Who has to pay federal estate tax?

Once you’re worth more than a certain amount, taxes shrink your estate. Under the 2010 tax law, we can each transfer up to $5 million tax-free during life or at death, but it was due to revert to $1 million effect January 1, 2013. Recent legislature increased the tax free amount for the federal estate tax only to 5.12 million per person. Caution: Massachusetts continues to tax all estates above $1 million.

Do spouses have to pay the tax when they inherit from each other?

The new law doesn’t change this either. There is an unlimited deduction from estate and gift tax that postpones the tax on assets inherited from each other until the second spouse dies. This marital deduction, as it is called, applies only if the inheriting spouse is a U.S. citizen.

How does this relate to lifetime gifts?

The lifetime gift tax exclusion and the estate tax exclusion are expressed as a total amount, currently $5.12 million per person, and it is possible to use this exclusion (sometimes called the “unified credit”) to transfer assets during life or at death, or a combination of the two.  If you exceed the limit however, you or your heirs will owe tax of up to 40%.

The IRS requires you to keep a running tally and report these gifts. For example, if you have used $1 million of the exclusion to make taxable lifetime gifts, the unused exclusion when you die will be $4.12 million, rather than $5.12 million.

Are there lifetime gifts that don’t count?

We can each give another person $14,000 per year without it counting against the lifetime exemption.  Spouses can combine this annual exclusion to double the size of the gift.

The simplest way to use the annual exclusion is to give cash or other assets each year to each of as many individuals as you want. Another possibility is to put money in Section 529 education savings plans. Establishing these plans for relatives could relieve siblings or children of the need to save for college at a time when they are overwhelmed with current expenses.

What Did Change? 

There were several changes made by the Fiscal Cliff Deal.  First, the top personal income tax rate will increase from 35% to 41% (when factoring in the various phase outs of certain deductions for high income individuals).  Additionally, the capital gains tax will increase to 20% for individuals making over $400,000 and couples making over $450,000.

Is it time to review your estate plan? (Click Here to Learn More About Our 19 Point Trust, Estate and Asset Protection Legal Guide)

You should revisit it if there have been changes in your finances or your personal life or if you considering a trust to protect your home, spouse and life savings.  It is essential to be sure your assets are properly coordinated and that everything is in place to protect your home, spouse and life savings.  This message is even more important, as the Congressional Budget Office is considering a proposal that would extend the Medicaid look-back period from 5 to 10 years. 

To learn more about a FREE comprehensive review of your estate planning and gain the peace of mind of knowing your spouse, home and life savings will be protected, register for an upcoming workshop by calling  (800) 964-4295(24/7) or register on line.

 describe the imageClick Here to Register For Our Trust, Estate & Asset  Protection Workshop

 

Tags: Estate Planning, IRS, Estate Planning Tip, seniors, estate tax, income, 2013, plans

When Can You Withdraw from Your IRA Early Without Tax Penalties?

Posted by Dennis Sullivan & Associates on Fri, Apr 29, 2011

There are a number of good reasons that you might be eying your IRA as it sits there with years to go before you turn age 59-1/2. You could see it as potential, as rescue capital, or if you’re in a really good place you could see it as the start of an early retirement. Of course, there are a few good reasons for leaving it alone – heavy tax hits and penalties – however, sometimes it's a good idea tofor withdrawing from your IRA early and penalty free.

The general wisdom is to leave your IRA alone until age 59-1/2 or else pay a 10 percent penalty on withdrawals. But there are allowances for penalty-free distribution in the case of serious financial hardship, higher educational expenses, or the cost of a first home. What is far less known is the 72(t) exception for Substantially Equal Periodic Payments (SEPP). Essentially, the IRS regulations allow annuitization of your IRA, so you can receive distributions straight from your IRA by taking them as a series of “substantially equal periodic payments.” The payments, once initiated, act much like required minimum distributions in that you must take out an amount determined by your life expectancy (or the joint life expectancy of you and your beneficiary) and at regular intervals, at least annually. Once initiated, you must take these distributions for 5 years or until age 59-1/2. You can then reorganize your distribution pattern or hold off entirely until the actual required minimum distributions set in at age 70-1/2.

The process, as you would imagine, is fairly complicated and that probably accounts for its relative under-use. To see it in action you can consult information from the IRS’s FAQ. It is tricky, and perhaps a little risky, but it is at least an interesting tactic to bring to light, and may be a practical solution to your early-retirement plans.

For more information on this and other retirement planning options, attend one of our free workshops or download our free guide on The 7 Biggest Concerns for Estate and Retirement Planning.

           

Tags: retirement plans, IRA, annuity, Retirement, IRS

IRS Audits of the Wealthy

Posted by Dennis Sullivan & Associates on Mon, Apr 11, 2011

If you’re a high-earning taxpayer, with an adjusted gross income of more than $500,000 – well, first, congratulations! and second – beware. It appears that the IRS may be gunning for you. As the Wall Street Journal recently reported in their MarketWatch section, the IRS is stepping up audits of wealthier taxpayers as part of their offensive to crack down on tax avoidance.

According to the IRS’s most recent statistical report, audits are increasing on most high income groups and increase as the tax brackets get greater.

The percentage of taxpayers who were audited increased in every category of adjusted gross income above $500,000, compared with a year earlier. The biggest jumps came at the top of the income ladder. About 18% of Americans earning at least $10 million were audited in fiscal 2010, up from 11% in fiscal 2009, according to the IRS. For those earning $500,000 to $1 million, the audit rate rose to 3.4% from 2.8%.

The audits are often “correspondence” exams in which a series of letters is exchanged. Such exams account for more than 70 percent of IRS audits of individuals. The lesson here is “documentation.” Be sure you and your tax advisor(s) retain records and can document every item on your tax return.

At Dennis Sullivan & Associates, we are a dedicated team with tax as well as legal expertise. If you are concerned about Massachusetts Estate Tax, or the transfer of your assets after you die, attend a free Trust, Estate & Asset Protection workshop.

Tags: 2011, IRS, Tax Savings

Consider the Future Taxrate on Your 401(k)

Posted by Dennis Sullivan & Associates on Fri, Apr 01, 2011

If you’ve been a diligent saver and keeping an eye on your 401(k) for all these years, it’s important to remember that the tax-man also has been looking on with interest and waiting for his cut. It’s simply too easy to forget, but a traditional IRA is tax-deferred until withdrawal, so that balance is deceiving. What is more, it means that the tax you will owe has yet to be decided. A recent MarketWatch article points out the strong possibility of higher tax rates for 401(k) savers once they reach retirement.

The value of delaying a tax hit into retirement, one of the principal benefits of a traditional IRA, has always been to avoid heftier taxes and secure what are expected to be lower tax rates whilst in retirement. Unfortunately, those expectations may not pan out for diligent savers with large IRAs. If your account is robust enough to keep you at or near your present income, then it’s also enough to keep you at or near your current tax bracket. If you are far from retirement then this may not be too distressing. After all, while you may be paying similar taxes upon withdrawal, your retirement investments are working for you with tax-free appreciation in the meantime.

Given the tax-rate outlook, savers should assess ways to diversify their tax situation in retirement. That means at least considering putting a portion of the amount you save for retirement into a Roth IRA – or a Roth 401(k) if one is offered by your employer.

“If you think taxes are going up, it makes sense to pay your taxes when rates are low, put the after tax amount into the Roth and take out your money tax-free when tax rates are high,” said Alicia Munnell, director of Boston college’s Center for Retirement Research and a professor at the school’s Carroll School of Management.

As summed up by Marcia Wagner of Wagner Law Group, “For the longest time, it seemed like almost a no-brainer that people, when they were in their income-earning stage, would be in a higher tax bracket … That may or may not be true in the future.”

For more on preserving your retirement savings, reserve your seat for an upcoming Trust, Estate and Asset Protection workshop, or check out the Planning with Retirement Accounts on our website.

Tags: IRA, Tax on IRAs, Baby Boomers, 401(k), Roth IRA, IRS, Tax Savings

Roth Conversion?

Posted by Dennis Sullivan & Associates on Wed, Mar 23, 2011

If you made a Roth IRA conversion last year (when all the media were encouraging you to do so), you may be sorry now that it's tax time.  The good thing is that it’s not too late to undo your conversion decision. You can still “re-characterize” the conversion and put the money back in your traditional IRA, as if nothing had ever happened.

But why re-characterize?  Suppose you converted $100,000 to a Roth IRA in 2010, and you are ready to pay the tax on your 2010 return (you elected out of the spread to 2011 and 2012). Except that now, your investment in the Roth IRA has dropped in value to only $50,000 – and you still owe tax on the conversion of $100,000! Now that is just totally wrong! Re-characterization offers a do-over of the conversion itself, and yes, erases it as far as the IRS is concerned. Re-characterization will move the funds back into the original traditional IRA, and the IRS only sees it as the movement of the original amount minus losses, rather than as a separate interaction.

If you suffered a net loss on those assets, re-characterization will not reverse your losses, but you can out from under the heavy tax liability. There are some tricks to re-characterization not covered here so consult the IRA Owner's Manual and also to learn more about how to protect and take control of your assets and life savings call (800) 964 – 4295 for a free workshop or visit our www.EstatePlanAndAssetProtection.com. 

Tags: IRA, roth conversions, roth conversions, Roth IRA, IRS

Obama's Estate Tax Budget Proposals

Posted by Dennis Sullivan & Associates on Tue, Mar 22, 2011

 

We all should realize that the federal estate tax is in a state of flux. The current rules, with the generous $5 million individual exemption ($10 million for a couple), expire at the end of 2012. Last month, the Treasury Department released the “General Explanations of the Administration's Fiscal Year 2012 Revenue Proposals,” also known as the “Greenbook.” The Greenbook reveals that the Obama Administration intends to make some big estate tax changes.

  • Return the Gift, Estate, and Generation-Skipping Transfer (GST) taxes to 2009 levels. The Greenbook proposes that in 2013 the exemptions return to $3.5 million for the estate tax, $1 million for the gift tax, and slightly over $1 million (reflecting inflation adjustments since 1999) for the generation skipping transfer (“GST”) tax.
  • Make portability permanent. Portability is the ability of the first spouse’s estate exemptions to be passed on to the surviving spouse, essentially doubling the estate exemptions for couples while cutting down on the stress of so many trusts.
  • Limitations on the use of valuation discounts. Although the IRS has long had defenses in place against attempts to reduce the value of the taxable portion of an estate, Chapter 14 of the tax code, the effectiveness of these defenses have been challenged in a number of ways and part of the proposal is to strengthen Chapter 14 by significantly hampering any effort to receive a valuation discount.
  • Impose a ten-year minimum term on GRATs. Grantor retained annuity trusts (“GRATs”) have become extremely popular estate planning vehicles over the past several years.  Among other reasons, they are relatively low cost to implement, are fairly low risk, and can transfer significant amounts of wealth to lower generations with virtually no estate or gift tax, often without using any of the transferor’s exemption. One requirement for a successful GRAT, however, is that the grantor must survive the term, otherwise the trust “fails.” To minimize risk, estate lawyers usually use a series of short-term (e.g., three-year) GRATs in their planning. The proposal is to require a term of no less than 10 years. This proposal would apply to GRATs created after the date of enactment, and has been made several times in the past.
  • Limiting the capacity of Dynasty Trusts. Under current law in many states, a Dynasty Trust can be established to transfer wealth across generations and exist for that purpose “in perpetuity.” The Obama proposal would provide that, on the 90th anniversary of the creation of a trust, the Generation-Skipping Tax (GST) exclusion allotted to the trust would terminate. This proposal would apply to trusts created after enactment, and to the portion of a pre-existing trust attributable to additions made after the date.

 

Many of these proposals have been made before, and most arelikely to face stiff opposition.

In addition, Massachusetts will assess a state tax on estates over $1 million. Without proper planning a married couple will have only $1 million between them.  See a lawer to be sure that you and your spouse get the $2 million exemption available to you.

Also, Massachusetts clients and taxpayers need to watch out for estate plans created based on maximum federal applicable exclusion planning, common for many estate plans prior to 2003. Now with the $5 million federal exempt amount, there could be a COMPLETELY AVOIDABLE Massachusetts estate tax triggered at the first death. The cost to your spouse and family could be as much as $400,000 in unnecessary estate taxes.

The point of all of this is that the “death tax” is not dead. The current law, with its generous exemptions, could be the calm before the storm. A wise planner would move sooner rather than later to preserve estate assets for future generations.

You can learn more about comprehensive estate planning by attending one of our Trust, Estate & Asset Protection Workshops and also by downloading our Unique Self-Guided 19-Point Trust, Estate & Asset Protection Legal Guide on our website.  Once you become a client, we have a Lifetime Protection Program to ensure that your planning stays up to date with the changes in law, fincial, health and family situations.

 

Tags: massachusetts estate planning strategies, Estate Planning, estate tax, Massachusetts estate tax, tax exemption, Estate Planning, New estate tax law, Massacusetts Estate Tax, gifts, GRATs, GST tax, gift tax, IRS

IRS gives surprise tax break to self-employed seniors

Posted by Dennis Sullivan & Associates on Tue, Feb 22, 2011

If you are a self-employed senior paying Medicare Part B premiums, the IRS just handed you a surprise tax break. Reversing a long-standing rule, the Service now says that self-employed people can deduct their Medicare Part B health insurance premiums – premiums which previously did not qualify for the self-employed health insurance deduction.

Interestingly, there was no “official announcement, revenue ruling, notice or news release from the IRS announcing a change in position,” according to a recent article in The San Francisco Chronicle.

Note that any self-employed person, regardless of age, can deduct the premiums they pay for health insurance, under certain conditions. One of those conditions is that the insurance must be established in the name of the business or the person running the business. The IRS has long held that Medicare premiums are not eligible for the deduction because Medicare cannot be established by a taxpayer under a business.

But, the Service has clearly reversed itself. The deduction is taken on Line 29 of the 1040 tax form. It can be taken even if you do not itemize deductions.

Tags: Medicare, Baby Boomers, IRS, Tax Savings

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