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?
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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.
BUT - the question really centers around entering it twice! We should choose one OR the other, RIGHT?
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.
This has been a confusion for years. Intuit, why don't you include notes that indicate considerations re: where to enter this information and warnings if it is entered twice????!!!!
This is an old thread, can you clarify if your needing assistance entering long term care premiums or are you see the premiums show up twice on your return?
Thanks for answering the question I posted in 2020. Note that the contraction of "you are" is "you're" not "your". As in ... your answer came 3 years too late but you're not too late to learn correct grammar and usage. 😊
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