Free CT-249 - New York


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Pages: 2
Date: August 13, 2008
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State: New York
Category: Tax Forms
Author: t40192
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http://www.tax.state.ny.us/pdf/2008/corp/ct249_2008.pdf

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CT-249

New York State Department of Taxation and Finance

Claim for Long-Term Care Insurance Credit
Tax Law -- Article 9, Article 9-A, Article 32, and Article 33
All filers must enter tax period: ending
Employer identification number

beginning
Name

File this form with Form(s) CT-183, CT-184, CT-185, CT-186, CT-186-E, CT-186-EZ, CT-186-P, CT-3, CT-3-A, CT-3-S, CT-32, CT-32-A, CT-32-S, CT-33, CT-33-A, or CT-33-NL Computation of available long-term care insurance credit
1 2 3 4 5 Qualified long-term care insurance premiums paid during the current tax year ................................ Multiply line 1 by 20% (.2) ................................................................................................................. Long-term care insurance credit received from a flow-through entity (corporate partners, see instructions) Unused long-term care insurance credit from preceding period ....................................................... Total available long-term care insurance credit (add lines 2, 3, and 4) ................................................. 1. 2. 3. 4. 5.

Computation of long-term care insurance credit limitation
6 Tax due before credits (see instructions) ............................................ 6. 7 Enter other credits claimed before the long-term care insurance credit (see instructions) .................................................................. 7. 8 Net tax (subtract line 7 from line 6) ....................................................... 8. 9 Minimum tax limitation (see instructions) ............................................ 9. 10 Long-term care insurance credit limitation (subtract line 9 from line 8; if line 9 is greater than line 8, enter 0) ................................................ 10.

Computation of long-term care insurance credit used and available for carryforward
11 Long-term care insurance credit to be used for the current tax year (enter the lesser of line 5 or line 10, and enter the result on your tax return) ................................................................................................ 11. 12 Long-term care insurance credit to be carried forward (subtract line 11 from line 5) ............................. 12.

Partnership information (see the instructions for line 3 on page 2; attach additional sheets if necessary)
Name of partnership Identifying number Amount of credit

49701080094

Page 2 of 2 CT-249 (2008)

Instructions
Section 1 Franchise tax return filed Forms CT-183 and CT-184 Form CT-185 Form CT-186 Form CT-3 Form CT-3-A Form CT-32 Form CT-32-A Form CT-33 Form CT-33-A Form CT-33-NL Section 2 Tax return filed Form CT-186-E Form CT-186-EZ Form CT-186-P

General information
Corporate taxpayers who pay premiums for qualifying long-term care insurance policies may claim a credit against the taxes imposed by Article 9, sections 183, 184, 185, 186, 186-a, and 186-e and Articles 9-A, 32, and 33. The credit is equal to 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under, a long-term care insurance policy that qualifies for the credit pursuant to Insurance Law section 1117. (For tax years beginning before January 1, 2004, the credit is equal to 10% of these premiums.) Individuals use Form IT-249, Claim for LongTerm Care Insurance Credit, to claim the credit. A qualifying long-term care insurance policy is one that is approvedbytheNewYorkStateSuperintendentofInsurance pursuant to Insurance Law section 1117(g); or agroupcontractdeliveredorissuedfordeliveryoutsideof New York State that is a qualified long-term care insurance contract as defined in Internal Revenue Code (IRC) section 7702B. (Note: IRC section 7702B relates to policies for which a federal itemized deduction is allowed.) This credit is not refundable. However, any portion of the credit that cannot be applied to the tax for the current tax year may be carried forward indefinitely to the following tax year or years. The credit may not reduce the tax to less than the following: theapplicableminimumtaxfixedbyArticle9,section183,185, or 186 thehigherofthetaxonminimumtaxableincomebaseorfixed dollar minimum under Article 9-A $250underArticle32orArticle33 Under Article 9, the credit must first be deducted from the taxes imposed by section 183, 185, or 186. Any credit remaining must then be deducted from the taxes imposed by section 184. The credit is not allowed against the metropolitan transportation business tax (MTA surcharge) under Article 9, 9-A, 32, or 33.

Lines 6 and 9 entries table
Enter on line 6 the amount from Form CT-183, line 4 plus Form CT-184, line 3 or 4 Line 6 Line 5 Line 78 Line 77 Line 5 Line 5 Line 11 Line 15 Line 5 Enter on line 6 the amount from Lines 39 and 88 Line 24 Line 4 Enter on line 9 the amount below 75 10 125 Line 81 amount Line 80 amount 250 250 250 The result of adding line 4 and line 12 250 Enter on line 9 the amount below 0 0 0

Line 6 -- Enter your tax before credits using the Line 6 and 9 entries table above. The long-term care insurance credit can be applied to taxes as computed on the forms listed in the table above. However, the credit cannot be applied against both a franchise tax return listed in Section 1 and a tax return listed in Section 2. Line 7 -- If you are claiming more than one tax credit for this year, enter the amount of credits claimed before applying this credit. Otherwise enter 0. You must apply certain credits before the long-term care insurance credit. Refer to the instructions of your franchise tax return to determine the order of credits that applies. Article 9-A filers: Refer to Form CT-600-I, Instructions for Form CT600, for the order of credits. If you are included in a combined return, include any amount of tax credits being claimed by other members of the combined group, including the long-term care insurance credit, that you wish to apply before your long-term care insurance credit. Life insurance corporations: Do not enter on this line any amount of empire zone (EZ) wage tax credits, zone equivalent area (ZEA) wage tax credits, or EZ capital tax credits you may be claiming. If you are included in a combined return, do not include any amount of these tax credit(s) being claimed by other members of the combined group. Line 9 -- Enter the amount using the Lines 6 and 9 entries table above.

Line instructions
New York S corporations: Complete only lines 1 through 5, and transfer the line 5 amount to the applicable line of Form CT-34-SH, New York S Corporation Shareholders' Information Schedule. Line 3 -- If you are a corporate partner receiving a long-term care insurance credit from a partnership, include on line 3 your pro rata share of the long-term care insurance credit passed through to you from the partnership. Enter in the Partnership information area on the front of this form the name, identifying number, and credit amount for each partnership that passed the credit through to you.

49702080094