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I paid for a term care insurance policy with an IRA. The…

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I paid for a...

I paid for a long term care insurance policy with an IRA. The withdraw $9K from the IRA each year to pay for the policy. I pay taxes on the IRA withdrawal. Should I be counting the $9K as insurance premiums as well.

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I am filing as self-employed and am 67 years old.

Submitted: 3 months ago.Category: Tax
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3/27/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago
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Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago

In brief, it doesn't matter that the funds come from your IRA, you are still paying the premium and should be counted as insurance premiums. You can add this amount to other medical expenses you, your spouse and dependents have for the year. You can deduct medical expenses that exceed 7.5% of your AGI.

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