Long Term Care deduction for Colorado

Forum|Forum|5 years ago
April 30, 2021
2 replies
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Turbo information window states that I may deduct a max of $150 per long term policy for the state of Colorado, I have two policies but I get a error when I go to the form and force $300. Why do I get only $150 instead of $300 deduction for two policies? --- Tom

Not A Product Question

BillM223

Do you yourself have two policies, or do you and your spouse have one policy each?

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kgasvoda

I am having the exact same issue. Last year it calculated correctly ($280 total - $140/policy). This year it should be $300 ($150/policy).

JohnW152

I've recreated your scenario in TurboTax Online, using allowable federal taxable income amounts, and I'm unable to reproduce your outcome. I'm coming up with $300.

To verify your long-term care information in TurboTax Online:

Open TurboTax Online
Select Tax Home in the left pane
On the Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the State Taxes box, then select Start, Continue, or Pick up where you left off
Proceed through the state screens until you come to the Take a look at Colorado credits and taxes screen
Select Start or Edit to the right of Long Term Care Insurance Credit
You should be on the Enter Your Long Term Care Insurance Credit screen. If you have more than one policy, enter an LTC amount and the number of people covered next to Policy 1, then do the same for Policy 2, and Policy 3, if applicable.