For what age group is the maximum deduction for long-term care insurance premiums $340?

The maximum deduction for long-term care insurance premiums is determined by the taxpayer's age. Specifically, for individuals aged 40 and younger, the limit is set at $340. This deduction is part of the tax benefits available under the Internal Revenue Code, which aligns the amount you can deduct with the taxpayer's age because long-term care insurance needs can vary significantly with age.

As individuals age, the maximum amount that can be deducted increases. For example, those aged 41-50 have a higher threshold than $340, and similarly, older age groups like 61-70 have even higher deduction limits. This tiered structure is designed to reflect the increased likelihood and potential expense of long-term care for older individuals compared to younger ages. Therefore, recognizing the age bracket is crucial when determining the appropriate deduction, and in this case, the correct answer of aged 40 and younger directly aligns with the established deduction amount of $340.