I want to make sure I am properly deducting long term care premiums. It appears that most people deduct them under medical expenses but I assume that is only useful if you reach the rather high medical expense threshold to beat the standard deduction. But when entering K1 information for my wife I noticed a box under "Describe the Partnership" > "I personally paid health insurance and/or long term care insurance for myself and my family." I checked that box and entered the amount of LTC premiums that my wife and I pay. TT immediately dropped the amount of tax owed so this appears to be unrelated to the regular medical expense deduction. Am I correct to enter it here? Am I right that adding LTC premiums as a medical expense would not result in a deduction if other out of pocket expenses are low?
