You may be able to claim a credit against tax based on any premiums you paid in 2013 for a qualified long-term care insurance policy for which you did not receive a federal tax benefit.
To qualify, your long-term care insurance policy must:
- qualify as a federal deduction (see federal Schedule A of Form 1040), disregarding the 7.5% income test, and
- have a lifetime long-term care benefit limit of $100,000 or more.
Note: 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.