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Indiana Partnership Long Term Care Policy Premiums Deduction

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Indiana Partnership Long Term Care Policy Premiums Deduction

Answer

Indiana Partnership Long-Term Care Policy Premiums Deduction 608

You may take a deduction for the amount of premiums paid for Indiana partnership long-term care insurance.

Important. The Indiana partnership policy will have the following box of information on the outline of coverage, the application or on the front page of the policy.

If the information shown in the box above is not located in a box on your policy, you do not have a qualifying policy, and are not eligible to take this deduction.

The deduction is the amount of premiums paid during the year on the policy for the taxpayer and/or spouse.

No double benefit allowed. Certain self-employed individuals will claim these premiums as a deduction on the front page of federal Form 1040. The Indiana deduction will be the actual amount of these premiums paid, minus any amount of these already reported on federal Form 1040.

More information about this program is available at the following website: www.in.gov/iltcp.

Important. Keep a copy of the premium statements as the department can require you to provide this information. Enter code 608 on Schedule 2 under line 11 if claiming this deduction.


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Views: 1524 Created on: Jun 15, 2013
Date updated: Dec 20, 2018
Posted in: States, Indiana

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