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Deductions & credits
Hello - I am looking at Pages 19 and 20 of Schedule 1 instructions which states that long term care premiums may be deductible. I did a copy and paste below. Current Turbo Tax 2019 does not seem to include this option.
Long-Term Care Insurance If you paid long-term care insurance costs during 2019, you may be able to subtract all
or a portion of the cost of a long-term care insurance policy which covers you or your spouse.
“Long-term care insurance policy” means a disability insurance policy or certificate advertised, marketed, offered, or
designed primarily to provide coverage for care that is provided in your home or in an institutional or community-based
setting. The care must be convalescent or custodial care or care for a chronic condition or terminal illness.
“Long-term care insurance policy” does not include a medicare supplement policy or medicare replacement policy
or a continuing care contract. “Continuing care contract” means a contract which provides nursing services, medical
services, or personal care services, in addition to food, shelter, and laundry services, for the duration of a person’s
life or for a term in excess of one year, conditioned upon any of the following payments:
• An entrance fee in excess of $10,000
• Providing for the transfer of at least $10,000 (if the amount is expressed in dollars) or 50% of the person’s estate
(if the amount is expressed as a percentage of the person’s estate) to the service provider upon the person’s death
Do not include premiums for long-term care insurance if you elected to pay those premiums with tax-free distributions
from a retirement plan. In this case, the premiums would have been made directly to the insurance provider by the
retirement plan.
If you paid long-term care insurance costs during 2019 for a policy which covers you or your spouse, complete the
worksheet below to determine your subtraction.
Line 11 Other Subtractions – continued
Long-Term Care Insurance – continued
Code
03
1. Amount you paid for long-term care insurance in 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Portion of long-term care insurance cost included as a self-employed
health insurance deduction on line 16 of federal Schedule 1 (Form 1040 or
1040-SR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. Portion of long-term care insurance cost deducted on federal
Schedule C or F for your employee spouse . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
4. Add lines 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
5. Subtract line 4 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
6. Fill in the amount from line 5 of Form 1 less the amounts on lines 6 - 10 and less all amounts
that will be included on line 11 without considering the subtraction for long-term care insurance.
If zero or less, enter 0 (zero) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.
7. Fill in the smaller of line 5 or 6. This is your subtraction for long-term care insurance . . . . . . . . . . . . 7.
Worksheet – Long-Term Care Insurance
Tuition and Fee Expenses You may be able to claim a subtraction for up to $6,974 (per student) of the amount