Long Term Care deduction for Colorado

[tomgoski]

Turbo information window states that I may deduct a max of $150 per long term policy for the state of Colorado, I have two policies but I get a error when I go to the form and force $300. Why do I get only $150 instead of $300 deduction for two policies? --- Tom

[BillM223]

Do you yourself have two policies, or do you and your spouse have one policy each?

[kgasvoda]

I am having the exact same issue.  Last year it calculated correctly ($280 total - $140/policy).  This year it should be $300 ($150/policy).

[JohnW152]

I've recreated your scenario in TurboTax Online, using allowable federal taxable income amounts, and I'm unable to reproduce your outcome. I'm coming up with $300.

To verify your long-term care information in TurboTax Online: 

1. Open TurboTax Online
2. Select  Tax Home in the left pane
3. On the  Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the State Taxes box, then select Start, Continue, or Pick up where you left off
4. Proceed through the state screens until you come to the Take a look at Colorado credits and taxes screen
5. Select  Start or Edit to the right of Long Term Care Insurance Credit
6. You should be on the Enter Your Long Term Care Insurance Credit screen.  If you have more than one policy, enter an LTC amount and the number of people covered next to Policy 1, then do the same for Policy 2, and Policy 3, if applicable.

If you have more than one policy, but include all of your information in the Policy 1 fields, you'll only receive $150 in credit.

See the Colorado Department of Revenue's Income 37: Long-Term Care Insurance Credit fact sheet for information about the credit.

@kgasvoda