WebJun 4, 2024 · Long Term Care deductions self employment I want to make sure I am properly deducting long term care premiums. It appears that most people deduct them under medical expenses but I assume that is only useful if you reach the rather high medical expense threshold to beat the standard deduction. WebIncome Taxes. The Kentucky Department of Revenue is committed to helping you understand Kentucky income tax law changes, keeping you updated, and answering your questions. Links to the Income Tax Fre quently Asked Questions (FAQs) may be found at right. For additional information rega rding income taxes please visit. Revenue.ky.gov.
LTC Insurance and Your Taxes – Tax Guide - 1040.com
WebQualified long-term care premiums, up to the amounts shown below, can be included as medical expenses on Form 1040, Schedule A, Itemized Deductions or in calculating the … WebFeb 15, 2024 · The worksheet follows the priority that itemized deductions first apply to health insurance premiums then to long-term care insurance. The premiums you listed are deductible federally if you itemize your deductions, and these expenses along with other medical expenses exceed 7.5% of your Adjusted Gross Income. himos laskettelukausi
4 Tax-Friendly Ways to Pay for Long-Term-Care …
WebIndiana Partnership Long Term Care Policy Premiums Deduction Interest from U.S. Government Obligations Deduction Military Retirement Income and/or Survivor's Benefits Deduction Military Service Deduction National Guard and Reserve Component Members Deduction Employer Student Loan Payment Interest Deduction WebThis subtraction is available if you paid long-term care insurance costs during 2024. This includes long-term or custodial care or care for a chronic or terminal illness that takes place in your home or a community based setting. This does NOT include a Medicare supplement policy or Medicare replacement policy or a continuing care contract. WebMar 20, 2024 · If your total eligible medical expenses (including your LTCI policy premium) for the year exceed 7.5 percent of your adjusted gross income, you may be able to take the amount of your LTCI policy premium as a deduction on your federal income tax return. However, note that only certain LTCI policies qualify. himos laskettelulippu