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rwjones
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LTC premium treated as a deduction by federal return, how much of the premium was treated that way?

 
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LTC premium treated as a deduction by federal return, how much of the premium was treated that way?

If you entered your LTC premium as part of medical and dental expenses, then the amount that TurboTax deducts will be a function of your age. Please see page A-2 at https://www.irs.gov/pub/irs-pdf/i1040sca.pdf to see how much LTC is allowed to be deducted per age range. Note that if there are two taxpayers with LTC premiums, then there will be two amounts added to the medical and dental expenses deduction, each calculated separately.

 

Note that of course, your aggregate medical and dental expenses must exceed 7.5.% of your AGI, and that your total itemized deductions must exceed your standard deduction for you to see any benefit.

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