$245,340. That's the magic number for how much it will cost a middle-income American family, on average, to raise a child born in 2013 until he or she becomes an adult.And families living in the Northeast will be taking on a greater burden, according to a report out Monday.dvertisement. $245,340. That's the magic number for how much it will cost a middle-income American family, on average, to raise a child born in 2013 until he or she becomes an adult. And families living in the Northeast will be taking on a greater burden, according to a report out Monday.
Additionally, payments to the employee from their employer's long-term disability insurance are taxable income whereas payments from an employee purchased plan are usually not. Long-term disability insurance (LTD) begins to assist the employee when short-term disability insurance (STD) benefits end. Once the employee's short-term disability insurance benefits expire (generally after three to six months), the long-term disability insurance pays an employee a percentage of their salary, typically 50-70%.
Under the federal income tax rules, a qualified long-term care policy is considered health insurance. Therefore, premiums you pay for a qualified policy are treated as medical costs for itemized medical expense deduction purposes, and they can help you clear the 10%-of-AGI or 7.5%-of-AGI hurdle.owever, to actually claim a deduction on your 2014 return, your total qualified expenses, including eligible health insurance premiums, must exceed 10% of your adjusted gross income (AGI) or 7.5% of AGI if you, or your spouse if you are married, was age 65 or older as of Dec. 31, 2014.