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February 7, 2025
Question

Long Term Care Insurance

  • February 7, 2025
  • 1 reply
  • 0 views

Hello, 

 

I pay long term care insurance premiums for my wife and myself through my employer. My wife stays at home and paints and sells a few paintings every year. Turbo Tax had us enter our long term care insurance premiums (for both of us) in both her self-employment section and in the medical expenses section. We ended up with itemized deductions, but it did say something like the medical expenses weren't going to help with our deduction this year, or similar. Do I need to remove the long term care insurance premiums from the self-employment section, or the medical expenses section, or both, or neither?

 

Thanks

1 reply

February 7, 2025

your post raises several issues

1) if this  under a subsidized health plan maintained by your employer - it doesn't qualify as SE health insurance

2)  the policy is not in the name of her business, her or you, therefore it does not qualify as SE health insurance

3) it might not even be deductible on schedule A. it depends on how it is reflected in your taxable wages