I was wondering if my long term health insurance premiums are deductible on my tax return, and also on what schedule may I able to claim these deductions?

Thanks..

Long term care insurance premiums are deductible as a medical expense on schedule A, for itemized deductions, that is assuming you have enough to itemize your deductions and do not take the standard deduction. The deduction for long term care insurance premiums is based on your age during the tax year of the deduction. And then only the total medical expenses which are more than 7.5% of your adjusted gross income are deductible. As far as the amount that could potentially be deductible for your long term care premiums for 2007, it is a follows:

For an individual whose attained age before the close of the tax year is:

... 40 or less, the limit is $290 for 2007 ($310 for 2008);
... more than 40, but not more than 50, the limit is $550 for 2007 ($580 for 2008);
... more than 50, but not more than 60, the limit is $1,110 for 2007 ($1,150 for 2008);
... more than 60, but not more than 70, the limit is $2,950 for 2007 ($3,080 for 2008);
... more than 70, the limit is $3,680 for 2007 ($3,850 for 2008). ( Code Sec. 213(d)(10) ) FTC ¶ K-2141.1 ; USTR ¶ 2134.075 ; Tax Desk ¶ 346,303

Thank you so much for your response! PK-EA!!

I guess that means my entire premium will not be deductible it seems and furthermore, what you are saying is that medical expenses must exceed 7.5% of my adjusted gross income!

So, if my AGI is $150,000, what you are saying is that my combined allowable medical expenses must exceed $11,250 (7.5% x 150,000) and only that amount that is in excess of $11,250 is deductible!!!!

Thats not fair!! Most average taxpayers will not be able to deduct anything!!

Please review the link below to determine the amounts that are deductible in 2011.

http://www.asktaxguru.com/5925-limit...-increase.html

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