Now I'm really confused. The answer below was just received from a benefits expert at the National Active and Retired Federal Employee Association. According to NARFE, being self-employed now, can not only take a deduction for my long term care insurance premiums but my Medicare premiums as well.
The box score so far is two saying I can't and two saying I can.
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Thanks for your NARFE inquiry on taxation of LTC premiums. Yes, if you are self-employed, you can deduct on your federal taxes your FLTCIP premiums up to the limits noted below which are based on your age.
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You also asked about deducting health insurance premiums for self-employed adults. Please see IRS instructions below.
Use Form 7206 to determine any amount of the self-employed health insurance deduction you may be able to report on Schedule 1 (Form 1040), line 17.
You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependent
