What are the requirements to be able to claim my long term care insurance premium payments on my taxes?
As of my last update in early 2023, you can potentially deduct long-term care insurance premiums as medical expenses on your federal income tax return if you itemize deductions and your total medical expenses exceed 7.5% of your adjusted gross income (AGI). However, there are specific limits and requirements: 1. **Age-Related Limits**: The amount of long-term care insurance premiums that is considered a medical expense is capped based on your age at the end of the tax year. These limits are adjusted annually for inflation. For example, in the 2022 tax year, the limits were as follows: - Age 40 or under: $450 - Age 41 to 50: $850 - Age 51 to 60: $1,690 - Age 61 to 70: $4,510 - Age 71 and over: $5,640 2. **Qualified Long-Term Care Insurance**: The policy must be a qualified long-term care insurance contract as defined by the IRS. Generally, it must be guaranteed renewable and cannot have a cash surrender value. The policy must only provide coverage for qualified long-term care services. 3. **Itemized Deductions**: You must itemize your deductions on Schedule A (Form 1040) to claim your long-term care insurance premiums. 4. **Medical Expenses Threshold**: You can only deduct the portion of your total medical expenses, including long-term care insurance premiums
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