Question

When clicking on "Long Term Care Insurance Premiums Paid in 2024" for New York State, I am taken to a K-1 form. Is this a glitch?

Forum|Forum|1 year ago
February 2, 2025
1 reply
0 views

TurboTax should ask for my LTCI premium, not send me to a K-1 form. I expect this is a coding error, but I want to be sure TurboTax is aware of this problem.

R

RobertB4444

Please clarify - where are you seeing this entry? Long term care insurance expenses should be entered under medical expenses. There is a screen for insurance expenses that just has a box for your premiums. What screen are you on that is taking you to a K1?

@ama114

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A

ama114Author

Thanks for responding. I entered the LTCI premium on the 1040 medical deductions section. The problem link is in the New York State credits and taxes page. Clicking on "Update" next to Long Term Care Insurance takes me to "Enter Schedule K-1." See the screenshot of the bad link page below.

Alan

DawnC

Taxpayers who pay premiums for qualified long-term care insurance may claim a credit against their personal income tax. The credit is equal to 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.

For tax years starting on or after January 1, 2020, the current year credit is limited to $1,500. Also, the credit is not allowed if New York adjusted gross income is $250,000 or more.

Try clearing your cache. If you entered the premiums on the federal return, they don't get entered again. And is your AGI under the $250K limit?

When I clicked on Start, I got the following 3 screens.