We know, we know, it’s almost the end of tax season and time is running out to add anymore deductions to your tax return, but we came across a link which could be super-helpful to those of you who have bought long-term care insurance for yourself or your parents or other loved one.
As we try to remind everyone every tax season, medical expenses are deductible to the extent they exceed 7.5% of your adjusted gross income. Some portion of long-term care insurance premiums may qualify for to be counted towards these medical expenses, and the portion that is allowed to be deducted from your taxes gets bigger as your get older. What’s more, you are allowed to deduct long-term care insurance premiums that you pay for your own care, your spouse and/or other dependents (like your parents).
For more information on deducting long-term care insurance premiums from your taxes, visit The American Association for Long-Term Care Insurance.
Are you deducting long-term care insurance premiums from your taxes this year? Tell us about it!
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