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Minnesota Long-Term Care Insurance Credit

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Minnesota Long-Term Care Insurance Credit

Answer

Credit for Long-Term Care Insurance Premiums (Schedule M1LTI)

You may be able to claim a credit against tax based on premiums you paid in 2018 for a qualified long-term care insurance policy for which you did not receive a full deduction on Schedule M1SA, Minnesota Itemized Deductions.

To qualify, your long-term care insurance policy must do both of the following:

  1. Qualify as a federal deduction (see Schedule M1SA), disregarding the income test
  2. Have a lifetime long-term care benefit limit of $100,000 or more

The maximum credit is $100 per person. If you qualify, complete Schedule M1LTI, Long-Term Care Insurance Credit.


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Views: 1730 Created on: Jun 15, 2013
Date updated: Dec 14, 2018
Posted in: States, Minnesota

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