You may be able to deduct long-term-care premiums you paid last year. People age 71 or older can write off as much as $5,110 per person for 2017. Filers age 61 to 70 can take $4,090. If you are between 51 and 60, you can deduct up to $1,350, 41 to 50 – $770, and if you are 40 or younger you can deduct $410.
For most, long-term-care premiums are medical expenses deductible only by itemizers and only to the extent that total medical expenses exceed 7.5% of adjusted gross income. Self-employed persons can deduct long-term-care premiums, subject to dollar limits, on line 29 of the first page of the 1040, without regard to the 7.5% of AGI threshold.