Premiums for qualified long-term care insurance policies are only deductible on your 2023 federal taxes if you itemize and they exceed 7.5% of your adjusted gross income, up to these per-person amounts:
- $480 — under age 41 as of December 31, 2023
- $890 — age 41–50 as of December 31, 2023
- $1,790 — age 51–60 as of December 31, 2023
- $4,770 — age 61–70 as of December 31, 2023
- $5,960 — age 71 or higher as of December 31, 2023
Some states also have their own long-term care credit or deduction; when you do your state taxes, we'll let you know if your state offers tax breaks for long-term care.
