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Minnesota Credit for Long-Term Care Insurance Premiums

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Question
Minnesota Credit for Long-Term Care Insurance Premiums

Answer

You may claim this tax credit if you purchase insurance to provide long-term care coverage for yourself or your spouse, such as nursing home coverage.
 
To be eligible for the Long-Term Care Insurance Credit, both of the following must be true:

  1. The policy you purchased qualifies as a federal deduction (disregarding the 7.5 or 10 percent income test).  For more information, view IRS Publication 502, Medical and Dental Expenses.
  2. The policy has a lifetime benefit limit of $100,000 or more.

The credit amount is equal to 25 percent of the policy premium(s), up to $100 per beneficiary. For married couples, one policy covering both spouses will be eligible for the $200 maximum credit; separate policies or premiums are not required. View the statute (M.S. 290.0672) .
 
To claim the credit, complete the following forms and include them with your Minnesota income tax return:
Schedule M1LTI, Long-Term Care Insurance Credit
Schedule M1C, Other Nonrefundable Credit


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Article Details
Views: 674 Created on: Jun 15, 2013
Date updated: Aug 31, 2015
Posted in: STATES, Minnesota

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