1099-LTC...qualified contract BUT tp took Std Deduction

[AZ-Tax]

As I understand it, box 1 of 1099-LTC w/ box 4 checked means TP could have deducted their LTC premium on Sch A in that tax year. Is this a tax year by tax year basis and what if the TP never itemized due to the Std deduction was more?

[Burke]

LTC is medical insurance, deductible on Sche A, if he elects to itemize. It is just like any other medical insurance deduction, each year stands on its own, subject to the AGI limitation for medical expenses, (7.5 or 10%.)

[FEDUKE404]

LTC has dollar limits first ?

LTC is medical insurance, deductible on Sche A, if he elects to itemize. It is just like any other medical insurance deduction, each year stands on its own, subject to the AGI limitation for medical expenses, (7.5 or 10%.)

Are you sure?

In my foggy Oct 15th brain I seem to recall there is first a dollar limit (based upon age of taxpayer) for initially claiming any LTC premiums, **THEN** the relevant AGI limitations come into play.

FE

[TAXNJ]

Tab 4-7

As I understand it, box 1 of 1099-LTC w/ box 4 checked means TP could have deducted their LTC premium on Sch A in that tax year. Is this a tax year by tax year basis and what if the TP never itemized due to the Std deduction was more?

See FUDKE404 reply post and reference TTB page 4-7

[Burke]

Are you sure?

In my foggy Oct 15th brain I seem to recall there is first a dollar limit (based upon age of taxpayer) for initially claiming any LTC premiums, **THEN** the relevant AGI limitations come into play.
FE

That is correct. There is a dollar limitation which applies first to LTC premiums only, prior to the AGI medical limit percentage exclusion. Nearly all the LTC clients that I have dealt with are under this amount. I think I have had one, some years ago, that limited the deduction before the medical exclusion.