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Minnesota Long-Term Care Insurance Credit

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Question
Minnesota Long-Term Care Insurance Credit

Answer

You may be able to claim a credit against tax based on premiums you paid in 2021 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:

• Qualify as a deduction (see Schedule M1SA), disregarding the income test

• 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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Article Details
Views: 2650 Created on: Jun 15, 2013
Date updated: Dec 07, 2021
Posted in: States, Minnesota

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