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Turinuit2020
Level 1

Long Term Care policy premium deduction - NY State

In the past we claimed a credit for LTC premiums paid during the year on form IT-249.  In TurboTax Delux 2020, when I click on NY credits and taxes/LTC insurance and premiums paid in 2020, the questions ask about partnerships, shareholders in S Corporations, and beneficiary in estate or trust.  It doesn't ask us what premiums were paid as in previous years.  Is there an error in the program or do the premiums get recorded somewhere else?

1 Best answer

Accepted Solutions
DaveF1006
Expert Alumni

Long Term Care policy premium deduction - NY State

This is normally entered as a medical expense. Let's first enter this into the federal interview section and then the information should populate in your NYS return.

  1. Open or log into Turbo Tax
  2. go to federal>deductions and credits>medical>medical expenses
  3. as you move through the screens, there will be a section that appears that says How much did you spend on insurance premiums? Here is where you indicate how much you spent in premiums.  It has a separate entry (entries) for LTC premiums.
  4. Now go to state and prepare your NYS return.
  5. After the information is populated, go to tax tools>tools>view tax summary
  6. Look at your NY Tax summary and look under New York State Credits.
  7. You should see a credit up to $1500 because that is the limit you can claim for tax years beyond 01/01/2020

It was confusing because when you selected Long Term Care Insurance Premiums Paid in 2020 in your NYS return, it mentioned K-1 information but if you did not have a K-1, then this doesn't pertain to you. Enter your LTC premiums like i mentioned above and this will populate in your NYS automatically as a credit up to $1500.

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3 Replies
vernon123
New Member

Long Term Care policy premium deduction - NY State

nys IT-249 2020 has section for schedule A individual  not schedule B which is what turbotax is requesting  data from paternership, s corporation, or estate. This was not the case in 2019 for long term care insurance tax credit.

Need Turbotax to allow tabling data for schedule A section for NYS IT-249 2020 . 

DaveF1006
Expert Alumni

Long Term Care policy premium deduction - NY State

This is normally entered as a medical expense. Let's first enter this into the federal interview section and then the information should populate in your NYS return.

  1. Open or log into Turbo Tax
  2. go to federal>deductions and credits>medical>medical expenses
  3. as you move through the screens, there will be a section that appears that says How much did you spend on insurance premiums? Here is where you indicate how much you spent in premiums.  It has a separate entry (entries) for LTC premiums.
  4. Now go to state and prepare your NYS return.
  5. After the information is populated, go to tax tools>tools>view tax summary
  6. Look at your NY Tax summary and look under New York State Credits.
  7. You should see a credit up to $1500 because that is the limit you can claim for tax years beyond 01/01/2020

It was confusing because when you selected Long Term Care Insurance Premiums Paid in 2020 in your NYS return, it mentioned K-1 information but if you did not have a K-1, then this doesn't pertain to you. Enter your LTC premiums like i mentioned above and this will populate in your NYS automatically as a credit up to $1500.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

neilpro
New Member

Long Term Care policy premium deduction - NY State

I am not having success getting my NYS tax credit for LTC Insurance. First, I entered it in the NYS section "Long Term Care Insurance Premiums Paid in 2020." I believe this is where I entered it in previous years. It also asks if I was a partner in a partnership, etc., all of which I am not. I found an explanation here that said I should instead enter it into my Federal return under medical expenses. I did this, and now those premiums are shown in the Federal Medical Expenses Worksheet. I do not have high medical expenses, so this does not affect my Federal Taxes. I zeroed the "Long Term Care Insurance Premiums Paid in 2020" in my NYS taxes when I returned the NYS tax return. But, I am still not getting the LTC Insurance credit in my NYS tax return.  IT-249 shows the correct credit. But, there is no Form ITT-201-ATT and my return, ITT-201, line 42 is blank. 

Is there a problem with the software, or can I please get expert advice on how to make the LTC credit work for my NYS return?

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