John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Health, Long Term Care and Medicare Insurance Premiums

Long Term Care Insurance Premiums

Long Term Care Insurance Premiums are potentially deductible as a medical expense as part of your itemized deductions subject to certain limits. To prevent people from front loading a large premium as a deduction, the IRS has set annual limits for the amount of premiums that are potentially deductible based on your age.

Examples of the 2007 annual deductible amount are:

 Age 40 or less - $290

Age 71 or older - $3,680