Long term care ins

[TAX4US]

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?

[ttbtaxes]

I think the client is out of luck. The 2014 year deduction is limited to the table amount(s) and there are/will be no payments in 2015. Cash-basis taxpayer.

[kamckinley]

I think the client is out of luck. The 2014 year deduction is limited to the table amount(s) and there are/will be no payments in 2015. Cash-basis taxpayer.

I agree. I try to explain to clients that deductions are based on when paid, but they think still think they can pay something one year and deduct it in another. Sigh...

[TAX4US]

TP made remark that he can only use rental insurance for months covered and carries rest to next year. I made remark 2 different animals. I do not believe he can carry rest.