Itemized/Standard Deduction

Unreimbursed payments for long term care services for chronically ill individuals are deductible medical expenses subject to certain age limitations and to the 10% / 7.5% AGI limitation on IRS Schedule A. For year 2016 the maximum deductible premium amounts are $390 if you are age 40 or younger , $730 for those ages 41 - 50, $1,460 for those 51-60, $3,900 for those age 61-70 and $4,870 for those over age 70. Qualified long term care insurance contracts will generally be treated as health insurance for purposes of the self-employed health insurance deduction on IRS Form 1040 page 1.