Form IT-249 Claim for Long-Term Care Insurance Credit ... 2026

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The document IT-249 is a tax form from the New York Department of Taxation and Finance for claiming a credit for long-term care insurance premiums under Tax Law Section 606(aa). It includes schedules for individuals, partnerships, and fiduciaries to report qualified premiums paid, calculate the credit amount, and provide necessary information about partnerships or S corporations. The form outlines steps for full-year residents and nonresidents to compute their total credit available for the current year.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name(s) and identifying number as shown on your tax return at the top of the form.
In Schedule A, input the qualified long-term care insurance premiums paid for the current tax year in line 1. Multiply this amount by the credit rate (20%) in line 2 to calculate your credit in line 3.
For fiduciaries, include the amount from line 3 in Schedule D, column C. All others should enter this amount on Schedule E, line 8.
Complete Schedule B if you received a share of the long-term care insurance credit from a partnership or S corporation. Fill in the entity's name, type, and employer ID number.
In Schedule C, enter your share of credits from partnerships and S corporations as instructed. Sum these amounts in line 7.
Finally, complete Schedule E to compute the total credit available for the current year by adding relevant lines from previous schedules.

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Versions	Form popularity	Fillable & printable
2023	4.2 Satisfied (57 Votes)
2022	4.4 Satisfied (54 Votes)
2021	4.9 Satisfied (52 Votes)
2020	3.8 Satisfied (33 Votes)
2019	4.2 Satisfied (30 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

When to file a LTC claim?

By being aware of these pitfalls, you can navigate the claims process with greater confidence and efficiency, making sure you receive the compensation you deserve. Lack of Documentation. Missing Deadlines. Incomplete Information. Not Reading the Fine Print. Failing to Follow Up. Overlooking Policy Limits.

Is long-term care insurance tax deductible IRS?

Qualified long-term care premiums up to the amounts shown below can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, or in calculating the self-employed health insurance deduction. The limit on premiums is for each person.

How to file a claim for long-term care insurance?

These are the general steps to take when filing a claim for long-term care insurance: Contact the insurance company to get a claim packet. Fill out the claim packet. Attend a phone interview. Wait for a response.

What is the biggest drawback of long-term care insurance?

You should begin the claim initiation process if any of the following apply to your situation: You have long term care services in place and want to claim benefits. You recently had long term care services in place and want to claim benefits. You expect to put long term care services in place within the next two weeks.

What is the tax credit for long-term care insurance?

Employers are eligible for a credit equal to 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under, a LTCi policy. The credit is not refundable and the credit may not reduce the tax to less than the minimum tax due.

it 249 instructions

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How to file a long-term care insurance claim?

How to File a Long-Term Care Insurance Claim Contact the insurance company to get a claim packet. If you worked with a financial professional to get long-term care insurance, he or she will be able to help you start the process. Fill out the claim packet. Attend a phone interview. Wait for a response.

What is the income limit for the NYS long-term care credit?

For tax years beginning after 2020, the credit has been adjusted to allow a New York resident taxpayer to claim the credit only if the taxpayers New York adjusted gross income (NYAGI) is less than $250,000. The change also limited the credit amount to $1,500.

Form IT-249 Claim for Long-Term Care Insurance Credit ... 2026

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How to use or fill out Form IT-249 Claim for Long-Term Care Insurance Credit with DocHub

See more Form IT-249 Claim for Long-Term Care Insurance Credit ... versions

Complete this form in 5 minutes or less

Got questions?

When to file a LTC claim?

Is long-term care insurance tax deductible IRS?

How to file a claim for long-term care insurance?

What is the biggest drawback of long-term care insurance?

What is the tax credit for long-term care insurance?

Security and compliance

Complete this form in 5 minutes or less

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How to file a long-term care insurance claim?

What is the income limit for the NYS long-term care credit?

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