Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Important Changes This Year

Standard and Itemized Deductions

Eligible Long-Term Care Premium Limits

For 2020, the maximum amount of qualified long-term care premiums includible as medical expenses has increased. Qualified long-term care premiums, up to the amounts shown below, can be included as medical expenses on Form 1040, Schedule A, Itemized Deductions or in calculating the self-employed health insurance deduction:

  • Age 40 or under: $430
  • Age 41 to 50: $810
  • Age 51 to 60: $1,630
  • Age 61 to 70: $4,350
  • Age 71 and over: $5,430

The limit on premiums is for each person.

Itemized Deductions – Medical Expenses

The medical expense deduction threshold is 7.5% of adjusted gross income (AGI).