How much can we deduct for long term care insurance?

[docdrwood]

We paid $75000 for the policy from savings.  We pay $2042 each year for an inflation rider.  I am 69 and my wife is 64.

[KatrinaB · Accepted solution]

The limit on long term care insurance premiums is a per person limit.

Please view the 2018 limits for claiming long-term care premiums that can be included as a medical expense on Form 1040, Schedule A, Itemized Deductions or in calculating the self-employed health insurance deduction:

• $420 - age 40 or under
• $780 - age 41 to 50
• $1,560 - age 51 to 60
• $4,160 - age 61 to 70
• $5,200 - age 71 and over

Note: you will only be able to deduct the amount of total (combined) medical expenses that exceed 7.5% of adjusted gross income.