Is the Long Term Care Insurance "Carry Over Credit" for a Virginia Return those premium payments made during prior years that were not claimed on prior returns?

jonmwatson — Tue, 04 Jun 2019 19:38:35 GMT

Confirming what is entered into Turbo Tax. For me this applies to LTC premiums paid from 2011 to 2013 (that were NOT claimed on federal returns).

Yes, but there are limits according to the Virginia Depar...

Karen1209 — Tue, 04 Jun 2019 19:38:36 GMT

Yes, but there are limits according to the Virginia Department of Taxation:

Any unused credit may be carried forward for the next 5 taxable years. In order to determine the amount that may be used as a basis for this credit, the individual must subtract any amount actually included as a deduction on Schedule A of the individual's federal income tax return. In addition, the individual may not claim this credit to the extent the premiums have been used to claim the Virginia deduction for long-term healthcare premiums. It may be possible, however, for an individual to claim this credit and the Virginia deduction in the same year.

NOTE: Carryovers are still allowed, but the actual credit has expired.

For more detail, please see the link below:

https://www.tax.virginia.gov/expired-or-repealed-credits

topic Is the Long Term Care Insurance "Carry Over Credit" for a Virginia Return those premium payments made during prior years that were not claimed on prior returns? in State tax filing

Is the Long Term Care Insurance "Carry Over Credit" for a Virginia Return those premium payments made during prior years that were not claimed on prior returns?

Yes, but there are limits according to the Virginia Depar...