If I use itemized deduction, there is no impact on federal tax return related to long term care premium paid, correct? Only state income tax can give creidt. Right? Thanks
Long term care premium - only for state tax return credit an no federal tax impact?
The LTC premiums are a medical expense on the federal form. There's no credit there. If you can itemize and the medical expenses are more than 7.5% of your AGI, then it can reduce your federal tax.
Reply:I;m sorry, but being in Texas, I don't have to deal with state tax returns so I really don't the answer to that one.
Reply:There's no deduction for them on your Federal return. Some states do allow a credit or deduction for them; MO is one that does and there are likely others as well.
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