If you are self employed, you can deduct 100% of your tax qualified long term care insurance premiums as a medical expense. There are federal tax deductible limits on how much premium can be deducted at each age, ranging from $360/year at under age 40 to $4,55/year at over age 70.
An individual can add LTC premiums with medical expenses, and the amount of that total that exceeds 10% over adjusted gross income is tax deductible. After age 65, the amount that exceeds 7.5% over AGI is deductible.
.JPG){kind=avatar}
An individual can add LTC premiums with medical expenses, and the amount of that total that exceeds 10% over adjusted gross income is tax deductible. After age 65, the amount that exceeds 7.5% over AGI is deductible.