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?

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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 1 year ago

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