long term care insurance

[TAXMAN]

Have TP who pays for long term care ins each year. This year he had extra income so he paid 2 years. Each year on its own exceeds the table amount. What CAN I do with the extra year he paid for? Pub 502 is quiet on the subject when this is done. What do you think?

[jasdlm]

Nothing?  Best answer I can come up with since the deduction is limited.  The Pub doesn't reference 'for one year's premium'.

 

Eager to hear if folks have other ideas.

 

The amount of qualified long-term care premiums you can include is limited. You can include the following as medical expenses on Schedule A (Form 1040).

1. Qualified long-term care premiums up to the following amounts.

   1. Age 40 or under – $370.

   2. Age 41 to 50 – $700.

   3. Age 51 to 60 – $1,400.

   4. Age 61 to 70 – $3,720.

   5. Age 71 or over – $4,660.

[B. Jani]

Only limited deduction based on age allowed. if you prepaid, you lost it.

[Jack from Ohio]

Nothing.  He chose to exceed the established deduction amounts.

Edited March 13, 2015 by Jack from Ohio