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Can I deduct the premiums for Long Term Care Insurance in NY State ? -

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1 Reply
DawnC
Employee Tax Expert

Can I deduct the premiums for Long Term Care Insurance in NY State ? -

If you itemize your deductions.   You can itemize on your NY return even if you take the standard deduction on your federal return.   TurboTax will walk you through these options.  Enter them on your federal return.   To enter your long-term care premiums:

 

  1. Sign in to TurboTax.
  2. Open or continue your return.
  3. Search for Schedule A, then select the Jump to link in the search results.
  4. Proceed through the medical expenses section and go past the Tell us about anything paid for long-term care services screen. This screen is for actual care expenses, not insurance premiums.
  5. When you reach How much did you spend on insurance premiums?, enter your gross (total) long-term care premiums.

 

  • For federal purposes, you can deduct expenses that exceed 7.5% of your federal adjusted gross income (FAGI). 
  • For New York purposes (Form IT-196, line 4), you can deduct only the part of your medical and dental expenses that exceeds 10% of your FAGI.
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