How do I claim the deduction for Long Term Care Insurance premiums on my Virginia State tax return (Form 760, Line 14)?

[skipick7]

In past years, I have been able to deduct Long Term Care Insurance premiums on my Virginia State tax return (Form 760, Line 14). Is that deduction no longer available for Tax Year 2017? If it is, how do I enter it into TurboTax?"

[IreneS]

Yes - You can claim a deduction for long-term care insurance premiums on your Virginia return as long as you did not include them as an itemized deduction on your federal return.  [Either you didn't itemize, or your medical expenses didn't exceed the 7.5% floor.]

If you did not claim the premiums on your federal return, follow these steps to enter them on your VA return:

1. Go into your VA return.
2. Continue to the screen, Here's the income that Virginia handles differently.
3. In the Medical section, click on the Start/Revisit box next to Long-Term Care Premiums Credit Carryover and Deduction.  [See Screenshot #1, below.]
4. On the next screen, Long-Term  Care Insurance Premiums Paid, mark the Yes button and enter the amount of your premiums in the box.  [Screenshot #2]

[TCW1]

When entering the premium info in the application, is it looking for per month cost or total year cost?  Tks in advance.  TCW1

[DaveF1006]

@TCW1 It is looking for the cost for the entire year. 

[jgwilson]

I could not find that there was a credit for long term insurance premiums in VA for 2021. Has this credit been eliminated? 

[PattiF]

No, the credit has not been eliminated. But you can only take the credit for long-term insurance premiums on your Virginia return if you did not claim a deduction for long-term health care insurance premiums on your federal return. See Page 22, section 106 of Virginia tax instructions for details.

[Decalr2]

In TurboTax how do I enter long term care premiums

[JamesG1]

In TurboTax Online, in the Virginia income tax return, at the screen Here's the income that Virginia handles differently, select Start/Revisit to the right of Long-Term Care Premiums Deduction.

The deduction is reported as code 106 here.

See Virginia 2023 Form 760 Resident Individual Income Tax Instructions here, page 23.

@Decalr2