2007-02-11 03:04:21 · 4 answers · asked by deesonnow 1 in Business & Finance ➔ Taxes ➔ United States
Long Terms Health CAre Premiums are an allowable Medical Expense. The amount you are able to deduct are based on your age. This is an Itemized deduction that is subject to a reduction of Medical expenses by 7.5% of your adjusted gross income. You want to compare the standard deduction to your total deductions to see which allows you to claim the most
You and your spouse being over 65 and married filing jointly gives you a standard deduction amount of $12,300.00 for the 2006 tax year
2007-02-11 03:26:47 · answer #1 · answered by Anonymous · 1⤊ 0⤋
yes you can, as a medical deduction. You need to report the amounts for each separately as there are limits to how much of the premium is deductible for a man and a woman based on your age. The limits can be found in the instructions to Form 1040 under the section for Schedule A.
The instructions can be found at www.irs.gov
2007-02-11 03:08:36 · answer #2 · answered by smh60437 3 · 0⤊ 1⤋
Yes you can, within limits depending on your age. If you are over 71 you can deduct up to $3530. If you are between 61 and 70, your deduction is limited to $2830.
In order to deduct these you have to itemize, and you can only deduct the portion of medical expenses that is over 7.5% of your income.
2007-02-11 07:08:38 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
The facilities that a lengthy care coverage cover are very expensive, and to be honest, $2,000/3 hundred and sixty 5 days isn't lots to pay for this variety of insurance - yet, for sure, without seeing the coverage none people have any thanks to make certain no matter if it is cost aggressive or no matter when you're being overcharged. dissimilar those regulations will pay no matter if you or your husband are easily in an assisted living center, and would pay for practise to go back in and help, compensate a loved individual who will be searching after you and many different ideas which aren't any further coated through medical regulations or Medicare when you retire. With that being suggested, there are reward to this coverage to boot. make certain you tell your CPA that you've this coverage because there would properly be tax breaks for having this variety of coverage to boot. MyInsuranceXpert
2016-12-04 01:09:54 · answer #4 · answered by barby 3 · 0⤊ 0⤋