Get the POWER of PRO!
Support Center > Knowledge base> Article: Minnesota Credit for Long-Term Care Insurance Premiums

Minnesota Credit for Long-Term Care Insurance Premiums

Article ID: 34660 Email Print
Question
Minnesota Credit for Long-Term Care Insurance Premiums

Answer

Credit for Long-Term Care Insurance Premiums Paid

If you (or your spouse, if filing a joint return) paid premiums in 2014 for a qualified long-term care insurance policy, complete this schedule to determine the amount, if any, you can subtract from your tax when you file Form M1.

To qualify for this credit, your long-term care insurance policy must:

• qualify as a federal deduction (see federal Schedule A of Form 1040), disregarding the 7.5 or 10 percent income test, and

• have a lifetime long-term care benefit limit of $100,000 or more.

There are no separate instructions for Schedule M1LTI.

Part-year residents and non residents may also be eligible for the credit based on the percentage of income taxable to Minnesota.

If you qualify, You must include this schedule and Schedule M1C with your Form M1.


related articles

Article Details
Views: 902 Created on: Jun 15, 2013
Date updated: Aug 11, 2015
Posted in: STATES, Minnesota

Poor Outstanding