As they say on TV, "But Wait...There's More." Carefully reading Worksheet 6-A in IRS pub 535, it's clear in step #1 that I can't deduct my health insurance or Medicare premiums because I'm eligible for coverage under my wife's health insurance. She's also a federal employee, still working and could include me in a "self plus one" health insurance plan. BUT ... Step #2 of the worksheet deals with long term care insurance. It states:
"Do not include payments for any month you were eligible to participate in a long term care insurance plan subsidized by your or your spouse’s employer...."
I have a personal LTC plan under the Federal Long Term Care Program. This program is NOT subsidized ( I pay the full premiums). My wife is eligible for her own plan, but it would not be subsidized either. So it would seem I might be able to deduct my long term care insurance premiums as a self-employed consultant. Soooo confusing.
