How do I determine deduction for Long Term Care Insurance?

Calvin
Calvin Member Posts: 1 Newcomer
edited December 2024 in Credits/Deductions

My wife and I have Life Insurance policies with a Long Term Care rider. How do I determine the medical deduction for the LTC rider? Thx

Calvin

Tagged:

Answers

  • LeahB
    LeahB FreeTaxUSA Agent Posts: 10 image

    Thank you for your question, Calvin! Because "long-term care rider" policies are typically an add on, individuals can review their policy documents to find the associated amount or contact their insurance agent for clarification. Once you have determined the amount, you may include it with your medical expenses on the Deductions/Credits tab of the software > Medical Expenses. Please keep in mind that the IRS does limit the amount that may be deducted based on age.
    Reference page 11: IRS Publication 502 Medical and Dental Expenses

Categories