A message from Mutual of Omaha's new National Sales Director
As you may have heard, Mutual of Omaha has a new National Sales Director, Corri Campbell. An insurance professional of 24 years, Corri brings enthusiasm, experience across multiple distribution channels and a passion for helping marketers like you build their business. Check out her note to learn more. Let's work together!
Updated LTCi 2021 tax advantages flyers
As you know, an LTCi policy brings many benefits ... from helping people remain in their homes as long as possible to offering protection for a retirement nest egg. But there's another important advantage — the potential to save on federal and state income taxes.
The LTCi tax advantages flyers are now updated with the 2021 eligible deduction amounts. Download the flyers now:
COVID tax questions
The Consolidated Appropriations Act ("CAA") provided coronavirus relief as well as other tax related extensions that will affect your clients. Here are some highlights that relate to individuals.
- Stimulus checks are back. The amount is $600 per taxpayer and $1,200 for married persons filing jointly along with $600 for each qualifying child. Income limits vary upon marital status.
- Teachers and instructors who teach grades K-12 are allowed a $250/$500 (Single/MFJ) above the line deduction to allow for the purchase of personal protection equipment and disinfectant.
- The above the line deduction for $300 of charitable gifts is extended into 2021.
- There are two provisions related to your client's health care expenses.
- First, taxpayers that itemize their deduction may continue to expense unreimbursed health care expenses that exceed 7.5% of adjusted gross income.
- Additionally, taxpayers that use a flexible spending account (FSA) as part of a cafeteria plan to reimburse medical care expenses may continue to carry over unused amounts in the FSA.
- For taxpayers that have deducted tuition and related expenses as an above-the-line deduction should be aware that this is no longer an eligible deduction in 2021.
For more information, review the press release at IRS.gov.