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mitinasg
New Member

Medicare part b premiums deducted from Soc Sec benefits, Can they be claimed o NYS return

as long term care insurance  on form IT-249?
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LeeM
New Member

Medicare part b premiums deducted from Soc Sec benefits, Can they be claimed o NYS return

No, according to the NY State tax department website here: https://www.tax.ny.gov/pdf/2011/inc/it249i_2011.pdf

A qualifying long-term care insurance policy is one that — is approved by the New York State Superintendent of Insurance under Insurance Law section 1117 (g); and — is a qualified long-term care insurance contract under Internal Revenue Code (IRC) section 7702B. (Note that section 7702B relates to policies for which a federal itemized deduction is allowed.) or — is a group contract delivered or issued for delivery outside New York State; and — the group contract is a qualified long-term care insurance contract under IRC section 7702B. The premiums paid for this insurance qualify for the credit even if the policy is not approved by the New York State 

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LeeM
New Member

Medicare part b premiums deducted from Soc Sec benefits, Can they be claimed o NYS return

No, according to the NY State tax department website here: https://www.tax.ny.gov/pdf/2011/inc/it249i_2011.pdf

A qualifying long-term care insurance policy is one that — is approved by the New York State Superintendent of Insurance under Insurance Law section 1117 (g); and — is a qualified long-term care insurance contract under Internal Revenue Code (IRC) section 7702B. (Note that section 7702B relates to policies for which a federal itemized deduction is allowed.) or — is a group contract delivered or issued for delivery outside New York State; and — the group contract is a qualified long-term care insurance contract under IRC section 7702B. The premiums paid for this insurance qualify for the credit even if the policy is not approved by the New York State 

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