Final answer:
Jack and Jill can claim their long-term care insurance premiums as deductible medical expenses on their 2018 federal income taxes, provided their total medical expenses exceed a certain threshold percentage of their adjusted gross income.
Step-by-step explanation:
For Jack and Jill to claim medical expenses for their two long-term care policies as itemized deductions on their 2018 federal income taxes, they need to meet certain requirements set by the Internal Revenue Service (IRS).
According to the IRS, qualified long-term care insurance premiums are considered medical expenses that can be deducted if they, along with other medical expenses, exceed a certain percentage of the taxpayer's adjusted gross income (AGI)For the tax year 2018, the threshold for deductible medical expenses is 7.5% of their AGI. If Jack and Jill's medical expenses, including the premiums for their long-term care policies, exceed this threshold, they can claim the excess amount as a deductible medical expense.
It's important to note that individual circumstances may vary, and it's advisable for Jack and Jill to consult a tax professional or refer to the official IRS guidelines for a comprehensive understanding of their specific situation.