For tax years starting on or after January 1, 2020, the current year long term care credit is limited to $1,500. In addition, you must answer questions on your New York Return before this credit is on your state return.
Please follow the instructions below:
- Open your return.
- Click on State.
- Edit New York.
- On the page titled Take a look at New York Credits and Taxes, select Start next to Long Term Care Insurance Premiums Paid in 2020.
- Answer the question on whether you were a partner in a partnership, shareholder of a S Corp or beneficiary of an estate or trust.
- On your New York State Tax Summary, you should see a maximum deduction of $1,500 listed under Nonrefundable Credits.
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