Long Term Care Premiums

Forum|Forum|2 years ago
February 26, 2024
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I am a NY state resident that pays Long Term Care insurance premiums. I was able to input the premiums in the Federal Tax return under the medical expenses. However when I went to the NY state Tax return the tab for inputting the premiums did not provide any place to input the premiums, it only asked questions unrelated to long term care insurance. So I thought maybe the Federal input would automatically carry over to the state return but they did not. Not only did they not carry over from the federal return, a NY form IT-201-ATT was not generated by the Turbo Tax program.

In NY the long term care premiums are input on form IT-201-ATT and carry over to line 42 of the NY tax return form IT-201.

mglauner

If you're using TurboTax Desktop, see if you have New York Form IT-249 in your return. If not, you can generate one by using the 'Open Form' link.

In testing for the Long Term Care Insurance Credit on this form, I entered my annual premium on Line 1 of the LTC Worksheet, but was only given a credit of 20% on Line 3. In this case, since I owed no tax on this return, the credit was not carried over the Other Tax Credit Worksheet, Line 7.

If you enter your LTC Premium manually on IT-249, see if it then carries over to the Worksheet and IT-201 for you.

Here's more info on New York LTC Credit.

@rb1213