If you paid premiums in the tax year for a qualified long-term care insurance policy, determine the amount (if any) you are able to subtract from your Minnesota tax return.
To qualify, your long-term care insurance policy must:
- qualify as a federal itemized deduction disregarding the income test, and
- have a long-term, lifetime, care benefit limit of $100,000 or more.
The maximum credit is $100 per person. Part-year residents and nonresidents may also be eligible for the credit based on the percentage of income taxable to Minnesota.
To view the worksheet for the Long Term Care Insurance Credit, please refer to Form M1LTI.