Long Term Care Insurance Income Tax Credit Form

Instructions and help about Long term Care Insurance Income Tax Credit

foreign let's talk about long-term care insurance premiums and potential deductions that people can could take I know you already said that there is that seven and a half percent floor for medical deduction so let's get into that if you are an individual taxpayer who is itemizing deductions there is there are age brackets in their deductible premium limits if you have long-term care insurance correct yes correct and I see this a decent amount for people that have already started to plan for retirement plan for that long-term care they're paying premiums now and so when you're thinking about that total pool of medical expenses that can qualify to see if you can kick past that seven and a half percent floor a long-term care premiums can be something that you can consider in the pool subject to certain thresholds so sure I I think it as with everything else that we've talked about the rules are constantly changing but as an example if you have have an individual that's already paying into