Can I Deduct...?

Long Term Care Insurance

Premiums paid for long-term care insurance are deductible as a medical itemized . The deduction is limited based on the taxpayer’s age: $360 can be deducted for people 40 and under, $680 for those who are 41-50, $1360 for taxpayers age 51-60, $3,640 for age 61-70 and $4,550 for those older than 70. Each spouse is treated separately if both can claim the deduction.

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