topic LONG TERM CARE ALLOWANCE IN SCHEDULE A in Deductions & credits

LONG TERM CARE ALLOWANCE IN SCHEDULE A

tezam1 — Wed, 10 Mar 2021 21:01:08 GMT

What is the source (calculation detail) for the allowable LTC insurance in 2f of Schedule A and how does it relate to the gross long term care premium in 2e?

Re: LONG TERM CARE ALLOWANCE IN SCHEDULE A

DavidD66 — Wed, 10 Mar 2021 21:47:08 GMT

It's not really a calculation unless LTC premiums are also entered on one or more of Schedule C, Schedule F, Schedule K-1 (S Corp and/or Partnership). The allowable amounts are fixed amounts based on age (see below). If not also entered elsewhere, then the relationship between 2e & 2f is 2f is the lower of the Tax Deductible Limit or the amount entered on 2e.

Tax Deductible Limits for Long Term Care Insurance

Attained Age Before Close of Taxable Year 2020 Limit (2019)

40 or less                                                             $430 ($420)
More than 40 but not more than 50                     $810 ($790)
More than 50 but not more than 60                     $1,630 ($1,580)
More than 60 but not more than 70                     $4,350 ($4,220)
More than 70                                                       $5,430 ($5,270)

Re: LONG TERM CARE ALLOWANCE IN SCHEDULE A

tezam1 — Sat, 13 Mar 2021 00:53:50 GMT

Understand the response, however my further clarification as to why more info is needed keeps getting rejected by TurboTax.

Re: LONG TERM CARE ALLOWANCE IN SCHEDULE A

tezam1 — Sat, 13 Mar 2021 00:56:05 GMT

I'll try again:

Thanks for the timely response...and it makes sense what you said. However, something else must be going on since my LTC GROSS premium in 2e ($4445) is not brought down to 2f, which is only $985 in TurboTax. Seems like 2f should also be $4445 since I'm 81 years old. I also see that both figures are included in the Total Expenses shown at the bottom in line 14. Please advise...

Re: LONG TERM CARE ALLOWANCE IN SCHEDULE A

BillM223 — Sat, 13 Mar 2021 03:02:54 GMT

"I also see that both figures are included in the Total Expenses shown at the bottom in line 14" - you're saying that line 14 of the Medical Expenses Worksheet is the sum of both the $4,445 and the $985?

Honestly, I don't know where the $985 came from, since it is not the maximum for any of the age bands.

How about the values in lines 2g, 2h, 2i, and 2j?