Oregon - Addition to Income for Long-Term Care Premiums
Per the Oregon Department of Revenue instructions, you may need to add an amount to your income on Line 10 of the Oregon Form 40 (Line 33 of Form 40N or 40P) if you answer yes to both of these questions:
Are you claiming an Oregon long-term care insurance premiums credit on Line 39 of the Oregon Form 40 (Line 56 of Form 40N or 40P)?
Are you claiming a federal deduction for the premiums as a medical expense or a business expense?
The Oregon Department of Revenue website has information for claiming long-term care insurance premiums as Additions and Credits.
If you answered yes to both questions above, use the following formula (which you can also view at the Oregon Department of Revenue Additions) to figure the Oregon addition:
Take the total long-term care premiums you included in federal itemized deductions and divide that amount by the total medical itemized deductions on federal Schedule A, Line 1
Then take the amount calculated in Step 1 above and multiply it by the federal medical deductions allowed on federal Schedule A Line 4
The amount calculated in Step 2 above is the amount to enter for an addition on Line 10 of the Oregon Form 40 (Line 33 of Form 40N or 40P).
To enter the calculated amount for the addition on Line 10 of the Oregon 40 (Line 33 of Form 40N or 40P):
From within your TaxACT return (Online or Desktop) click the State Q&A tab
Click Income to expand the category, then click Other Additions to Income
On the screen titled Oregon - Other Additions select Itemized deductions credit add back - long-term care insurance premiums from the drop-down menu and enter the calculated amount
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