My wife and I are paying $800.00per month for long term health care insurance. is this deductable?

[Marketstar · Accepted solution]

Yes, you can deduct medical expenses/insurance if you itemize and the total expenses for you, your spouse, and your dependents exceed 10% of your adjusted gross income (7.5% if you're 65 or older as of December 31, 2016). The deduction is limited to the expenses above and beyond this amount.

See Deducting Medical, Dental, and Vision Expenses

To enter your medical /insurance expenses -

• Click on Federal Taxes (Personal using Home and Business)

• Click on Deductions and Credits

• Click on I'll choose what I work on (if shown)

• Scroll down to Medical

• On Medical Expenses, click the start or update button