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Long-term care policy premiums deduction
The Indiana Long-Term Care Policy Premiums Deduction Worksheet calculates the Schedule 2 or C deduction for the portion of long-term care premiums paid by the taxpayer that aren't deductible on federal Form 1040.
When you enter any long-term care policy premiums at the federal level, the system treats them as qualifying premiums for calculating the deduction. To force qualifying amounts on the worksheet, use the
Qualifying LTC policy premiums
fields on the INAdj
screen in the Income & Adjustments
folder.To force the deduction claimed on Schedule 2 or Schedule C and suppress the calculation on the Indiana Long-Term Care Policy Premium Deduction Worksheet, enter an amount in the
Indiana LTC policy premiums deduction (Force)
field on the INAdj
screen in the Income & Adjustments
folder. If different counties tax the taxpayer and spouse, enter the deduction amounts in the Taxpayer
and Spouse
fields. Otherwise, if you're forcing the deduction, enter an amount only in the taxpayer field. note
The formal name of this deduction is the "Indiana Partnership Long-Term Care Policy Premiums Deduction." However, the term "partnership" as used here by Indiana doesn't refer to a pass-through entity. You can take this deduction for premiums paid through sole proprietor activities and for premiums paid through pass-through activities reported on Schedule K-1.
This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual
- State: Indiana