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LimeyDi
Returning Member

Long term care premiums - appearing twice in the walk through questionnaire

I entered my long term care premiums in the self-employed business portion of the 1040 questionnaire. Now I'm doing the personal deductions portion and there's another blank for "Gross LTC premiums" under "How much did you spend on insurance premiums?".  Obviously can't deduct this expense twice - which part of the return is the right place to enter LTC premiums, self-employed business or personal?

3 Replies
ColeenD3
Expert Alumni

Long term care premiums - appearing twice in the walk through questionnaire

You would usually want to take it in the business portion since it would not be subject to the 7.5% of AGI limitation. However, if you are over the threshold and have sufficient other expenses to itemize, it is up to you.

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BarryC1
New Member

Long term care premiums - appearing twice in the walk through questionnaire

BUT - the question really centers around entering it twice!  We should choose one OR the other, RIGHT?

DaveF1006
Expert Alumni

Long term care premiums - appearing twice in the walk through questionnaire

Yes, you will enter it in one place or the other but not both. I would advise leaving it as a self-employment deduction rather than the itemized deduction. This should give you a much tax benefit.

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