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Deductions & credits
This is normally entered as a medical expense. Let's first enter this into the federal interview section and then the information should populate in your NYS return.
- Open or log into Turbo Tax
- go to federal>deductions and credits>medical>medical expenses
- as you move through the screens, there will be a section that appears that says How much did you spend on insurance premiums? Here is where you indicate how much you spent in premiums. It has a separate entry (entries) for LTC premiums.
- Now go to state and prepare your NYS return.
- After the information is populated, go to tax tools>tools>view tax summary
- Look at your NY Tax summary and look under New York State Credits.
- You should see a credit up to $1500 because that is the limit you can claim for tax years beyond 01/01/2020
It was confusing because when you selected Long Term Care Insurance Premiums Paid in 2020 in your NYS return, it mentioned K-1 information but if you did not have a K-1, then this doesn't pertain to you. Enter your LTC premiums like i mentioned above and this will populate in your NYS automatically as a credit up to $1500.
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March 1, 2021
12:45 PM
1,290 Views