Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mike-roesner
New Member

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

 
1 Best answer

Accepted Solutions
Marketstar
Level 7

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

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

View solution in original post

1 Reply
Marketstar
Level 7

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

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

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v