First enter this into the federal interview section and then the information should populate in your NYS return.
- Open or log into Turbo Tax
- go to federal>deductions and credits>medical>medical expenses
- 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.
- Now go to state and prepare your NYS return.
- After the information is populated, go to tax tools>tools>view tax summary
- Look at your NY Tax summary and look under New York State Credits.
- You should see a credit up to $1500 because that is the limit you can claim for tax years beyond 01/01/2020
Long-term care insurance credit
Who is eligible?
You're entitled to this nonrefundable credit if you or your business pays premiums for qualifying long-term care insurance policies.
Note: Individual taxpayers (including nonresident and part-year resident taxpayers) may claim the credit only if the taxpayer’s New York adjusted gross income is less than $250,000.
How much is the credit?
The allowable credit is 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under a qualifying long-term care insurance policy.
The credit amount cannot exceed $1,500.
Additional information
- Form CT-249, Claim for Long-Term Care Insurance Credit (for corporations); or
- Form IT-249, Claim for Long-Term Care Insurance Credit, and its instructions (for all others).
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
