Can I deduct the premiums for Long Term Care Insurance?

[ToddL99 · Accepted solution]

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.

• $430 — under age 41 as of December 31, 2020
• $810 — age 41–50 as of December 31, 2020
• $1,630 — age 51–60 as of December 31, 2020
• $4,350 — age 61–70 as of December 31, 2020
• $5,430 — age 71 or higher as of December 31, 2020

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:

• You must take the itemized deduction;
• The expenses for you, your jointly-filing spouse, and your dependent(s) must exceed 7.5% of your AGI (adjusted gross income); and
• Only the portion above and beyond 7.5% of your AGI is deductible.

Where do I enter my long-term care premiums?