Walter is retired and is paying for long-term care insurance.

Walter is retired and is paying for long-term care insurance. He is 65 years old and pays $4,200 in long-term care insurance premiums and incurred $2,350 worth of long-term care insurance expenses in 2018. If Walter’s AGI is $23,500, how much of the long-term care insurance premiums and expenses can Walter deduct on Schedule A? (2 pt)

Expert Solution

Qualified medical expenses including qualified long-term care insurance premiums are eligible as itemized deductions on Form 1040, Schedule A. Tax payers who are 65 or above or with spouse 65 or older can deduct qualified medical expenses that exceed 7.5% of their AGI.

Assuming Walters long-term care insurance expenses and long-term care insurance premiums are qualified:

Amount Walter can deduct on Schedule A = $4,200 + $2,350 - ($23,500 * 7.5%) = $4,787.50

ekkarill92 answered 2 years ago

Walter is retired and is paying for long-term care insurance. He is 65 years old and...

Walter is retired and is paying for long-term care insurance. He is 65 years old and pays $4,200 in long-term care insurance premiums and incurred $2,350 worth of long-term care insurance expenses in 2018. If Walter's AGI is $23,500, how much of the long-term car einsurance premiums and expenses can Walter deduct on Schedule A?

• Explain the role of insurance on public and private expenditures for Long Term Care. •...

• Explain the role of insurance on public and private expenditures for Long Term Care. • Provide your opinion of the future of Long Term Care, its economic viability and sustainability, and its impact on the overall economy.

5. Which of the following statements concerning paying for long-term care is correct? Thankfully Medicare covers...

5. Which of the following statements concerning paying for long-term care is correct? Thankfully Medicare covers the cost of long-term care no matter the patient asset level Thankfully Medicaid covers the cost of long-term care no matter the patient asset level Everyone should have long-term care insurance You can self-insure for long-term care

Current challenges in the long-term care continuum and their impact on the current long-term care industry....

Current challenges in the long-term care continuum and their impact on the current long-term care industry. · Introduction and background of the research paper · Stakeholders interested in the study · Challenges in the long-term care continuum · Impact of the challenges on the long-term care system (specifically on staffing, funding, and regulation) · Recommendations to address the challenges

For this assignment I need to do a discussion post about long term care insurance: Not...

For this assignment I need to do a discussion post about long term care insurance: Not too sure about this topic - The responds should be about two paragraphs. Consider the cost of long-term care insurance. Is there a cost-benefit to purchasing long-term care insurance? Would your assets be completely protected by this insurance option? Are there specific considerations for individuals or couples?

Omar and Suzette are trying to decide whether long-term care insurance is right for them.

Omar and Suzette are trying to decide whether long-term care insurance is right for them. They both just celebrated their 75th birthdays and have very little left in their retirement savings accounts. Which of the following statements most applies to their situation?A :Everyone should purchase long-term care insurance and they are no exception.B : Long-term care insurance premiums are probably too costly for them to afford.C : They are good candidates for long-term care insurance but should weigh the pros...

What is long term care insurance? Do you think this is a useful tool? Why or...

What is long term care insurance? Do you think this is a useful tool? Why or why not? Would you purchase it? Why or why not?

Question 8 Which of the following is true of long-term care insurance? a. The maximum duration...

Question 8 Which of the following is true of long-term care insurance? a. The maximum duration of benefits is only one year. b. There is no waiting period to receive the benefits. c. Most long-term-care insurance policies are non-renewable in nature. d. Many policies offer inflation protection riders for an additional premium. e. Long-term-care policies do not reimburse the insured for the cost of services incurred on a day-to-day basis. Question 9 A bear market condition is associated with: a....

Derek purchased a life insurance policy and a long-term care insurance policy, what risk management strategy...

Derek purchased a life insurance policy and a long-term care insurance policy, what risk management strategy does he use? A. Risk transfer B. Risk avoidance C. Risk reduction D. Risk retention

Why do long-term health care and palliative care private insurance lack popularity among elderly individuals in...

Why do long-term health care and palliative care private insurance lack popularity among elderly individuals in the United States?

Question