Yes, you can deduct the premiums for Long Term Care Insurance , but the deduction is subject to limitations.
Premiums for qualified* long-term care insurance policies are deductible on your 2020 federal taxes (if you itemize) up to these per-person amounts. Like any other medical expense, you have to itemize to get the deduction.
Some states also have their own long-term care credit or deduction; when you do your state taxes, we'll let you know if your state offers tax breaks for long-term care.
To deduct unreimbursed, out-of-pocket medical, dental, and vision costs on your federal return:
Yes, you can deduct the premiums for Long Term Care Insurance , but the deduction is subject to limitations.
Premiums for qualified* long-term care insurance policies are deductible on your 2020 federal taxes (if you itemize) up to these per-person amounts. Like any other medical expense, you have to itemize to get the deduction.
Some states also have their own long-term care credit or deduction; when you do your state taxes, we'll let you know if your state offers tax breaks for long-term care.
To deduct unreimbursed, out-of-pocket medical, dental, and vision costs on your federal return: