Qualified long-term care distribution .—
For purposes of this paragraph—
(i) In general .—
(i)In general .—#
The term “qualified long-term care distribution” means so much of the distributions made during the taxable year as does not exceed, in the aggregate, the least of the following:
(I) The amount paid by or assessed to the employee during the taxable year for or with respect to certified long-term care insurance for the employee or the employee’s spouse (or other family member of the employee as provided by the Secretary by regulation).
(II) An amount equal to 10 percent of the present value of the nonforfeitable accrued benefit of the employee under the plan.
(III) $2,500.
(i)(I)#
The amount paid by or assessed to the employee during the taxable year for or with respect to certified long-term care insurance for the employee or the employee’s spouse (or other family member of the employee as provided by the Secretary by regulation).
(i)(II)#
An amount equal to 10 percent of the present value of the nonforfeitable accrued benefit of the employee under the plan.
(i)(III)#
(ii)Adjustment for inflation .—#
In the case of taxable years beginning after December 31, 2024 , the $2,500 amount in clause (i)(II) shall be increased by an amount equal to—
(I) such dollar amount, multiplied by
(II) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2023” for “calendar year 2016” in subparagraph (A)(ii) thereof.
(ii)(I)#
such dollar amount, multiplied by
(ii)(II)#
the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2023” for “calendar year 2016” in subparagraph (A)(ii) thereof.
If any increase under the preceding sentence is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100.