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davidcoakley
New Member

Are long term care insurance premiums deductable for the State of WI if I took the Federal Standard deduction?

 
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BMcCalpin
Level 13

Are long term care insurance premiums deductable for the State of WI if I took the Federal Standard deduction?

Long term care insurance premiums are not deductible in Wisconsin. See question #4 at https://www.revenue.wi.gov/Pages/faqs/pcs-medins.aspx


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3 Replies
BMcCalpin
Level 13

Are long term care insurance premiums deductable for the State of WI if I took the Federal Standard deduction?

Long term care insurance premiums are not deductible in Wisconsin. See question #4 at https://www.revenue.wi.gov/Pages/faqs/pcs-medins.aspx


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Anonymous
Not applicable

Are long term care insurance premiums deductable for the State of WI if I took the Federal Standard deduction?

Hello - I am looking at Pages  19 and 20 of Schedule 1 instructions which states that long term care premiums may be deductible.  I did a copy and paste below.  Current Turbo Tax 2019 does not seem to include this option.

 

Long-Term Care Insurance If you paid long-term care insurance costs during 2019, you may be able to subtract all
or a portion of the cost of a long-term care insurance policy which covers you or your spouse.
“Long-term care insurance policy” means a disability insurance policy or certificate advertised, marketed, offered, or
designed primarily to provide coverage for care that is provided in your home or in an institutional or community-based
setting. The care must be convalescent or custodial care or care for a chronic condition or terminal illness.
“Long-term care insurance policy” does not include a medicare supplement policy or medicare replacement policy
or a continuing care contract. “Continuing care contract” means a contract which provides nursing services, medical
services, or personal care services, in addition to food, shelter, and laundry services, for the duration of a person’s
life or for a term in excess of one year, conditioned upon any of the following payments:
• An entrance fee in excess of $10,000
• Providing for the transfer of at least $10,000 (if the amount is expressed in dollars) or 50% of the person’s estate
(if the amount is expressed as a percentage of the person’s estate) to the service provider upon the person’s death

Do not include premiums for long-term care insurance if you elected to pay those premiums with tax-free distributions
from a retirement plan. In this case, the premiums would have been made directly to the insurance provider by the
retirement plan.
If you paid long-term care insurance costs during 2019 for a policy which covers you or your spouse, complete the
worksheet below to determine your subtraction.
Line 11 Other Subtractions – continued
Long-Term Care Insurance – continued
Code
03
1. Amount you paid for long-term care insurance in 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Portion of long-term care insurance cost included as a self-employed
health insurance deduction on line 16 of federal Schedule 1 (Form 1040 or
1040-SR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. Portion of long-term care insurance cost deducted on federal
Schedule C or F for your employee spouse . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
4. Add lines 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
5. Subtract line 4 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
6. Fill in the amount from line 5 of Form 1 less the amounts on lines 6 - 10 and less all amounts
that will be included on line 11 without considering the subtraction for long-term care insurance.
If zero or less, enter 0 (zero) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.
7. Fill in the smaller of line 5 or 6. This is your subtraction for long-term care insurance . . . . . . . . . . . . 7.
Worksheet – Long-Term Care Insurance
Tuition and Fee Expenses You may be able to claim a subtraction for up to $6,974 (per student) of the amount

dmarr
Returning Member

Are long term care insurance premiums deductable for the State of WI if I took the Federal Standard deduction?

Yes, they are deductible from gross income.  See Form 1 Instructions.  They are not directly entered into the STATE form in TurboTax.  Rather they are entered on the FEDERAL medical worksheet.  Enter the LTC premiums there and they will show up properly on the state form. 

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