Long term care premiums are tax deductible as a medical expense if you itemize your deductions. However to receive a tax benefit from the deduction, your total medical deductions would need to exceed 7.5% of your adjusted gross income (AGI).
Ex: AGI is $100k. 7.5% = $7,500. My medical deductions came to $10k. The total amount that I can deduct is $2,500.
In addition, the total of all your itemized deductions has to exceed your standard deduction amount for your filing status. So if your total itemized deduction are below the standard, then you would receive no tax benefit for itemizing. See the threshold amounts below.
What is my standard deduction for 2017?
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