Deducting Premium for long-term care

[CKreuze]

I am retired and pay for long-term care insurance. Can I deduct the cost of the premium?

[ColeenD3 · Accepted solution]

Yes.

Premiums for qualified long-term care insurance policies are only deductible on your 2021 federal taxes if you itemize, up to these per-person amounts:

• $450 — under age 41 as of December 31, 2021
• $850 — age 41–50 as of December 31, 2021
• $1,690 — age 51–60 as of December 31, 2021
• $4,520 — age 61–70 as of December 31, 2021
• $5,640 — age 71 or higher as of December 31, 2021

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.

[CKreuze]

Thank You for your quick reply.