Skip to main content
Employee
January 21, 2025
Question

why is my long term care premium not deductable?

  • January 21, 2025
  • 1 reply
  • 0 views
I paid long term insurancee premium but it is not reducing my taxe bill

    1 reply

    DoninGA
    Employee
    January 21, 2025

    Long term care premiums are an itemized medical deduction entered on Schedule A.

     

    Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.


    Standard deductions for 2024

    Single - $14,600 add $1,850 if age 65 or older
    Married Filing Separately - $14,600 add $1,550 if age 65 or older
    Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
    Head of Household - $21,900 add $1,950 if age 65 or older