Long Term Care single premium

Contented · ‎January 26, 2022

My wife and I purchased a long term care single premium payment years ago. Each year we get a statement that says how much of that goes toward the annual premium. Can we claim that portion as an insurance premium?

DMarkM1 · ‎January 26, 2022

No. The itemized deduction for medical expenses is only for premiums actually paid in the tax year. Here is IRS Publication 502 for reference. See "What expenses can you include this year."

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View solution in original post

DMarkM1 · ‎January 26, 2022

No. The itemized deduction for medical expenses is only for premiums actually paid in the tax year. Here is IRS Publication 502 for reference. See "What expenses can you include this year."

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Long Term Care single premium