M1LTI: Long-Term Care Insurance Credit (2024)
Minnesota · Minnesota DOR · Used for tax years 2024
Schedule M1LTI calculates the 2024 Minnesota Long-Term Care Insurance Credit for qualifying insurance premiums. It reports policy information, premiums paid, and the credit amount, with a maximum credit of $100 per person. Include this schedule with Form M1.
Who files this form
Complete 2024 Schedule M1LTI to determine your credit if you, or your spouse if filing jointly, paid premiums in 2024 for a qualified long-term care insurance policy.
The policy must meet both requirements:
- It qualifies as an itemized deduction on Schedule M1SA, Minnesota Itemized Deductions, regardless of income limitations.
- It has a lifetime long-term care benefit limit of at least $100,000.
Only one qualifying policy per person may be used.
What you'll need
Have the following information available to complete the schedule:
- Your name and Social Security number.
- Each insured person's name, insurance company, and policy number.
- Premiums paid in 2024 for the qualifying policy.
- If you filed Schedule M1SA, the policy premiums included on its line 1 and the amount on its line 4.
- For part-year residents and nonresidents, the amount from line 30 of Schedule M1NR.
You will also use Schedule M1C to report the credit and must include Schedule M1LTI with Form M1.
How to file
Include the completed Schedule M1LTI with your Form M1, Individual Income Tax.
- Full-year residents: Enter the credit from line 9 on line 2 of Schedule M1C.
- Part-year residents and nonresidents: Multiply line 9 by line 30 of Schedule M1NR. Enter the result on line 10 of Schedule M1LTI and line 2 of Schedule M1C.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Using more than one policy per person: The form allows only one qualifying policy per person.
- Not splitting shared-policy premiums: If you file jointly and both spouses are covered by one policy, put half the premiums in column A and half in column B.
- Completing lines 2 through 4 without filing Schedule M1SA: If you did not file M1SA, skip those lines and carry the amounts from line 1 to line 5.
- Not splitting the M1SA amount on line 3: If both spouses are claiming premiums paid, enter half of the amount from line 4 of M1SA in each column.
- Forgetting rounding or the attachment: Round amounts to the nearest whole dollar and include Schedule M1LTI with Form M1.
Questions people ask
How much is the credit?
For each person, multiply line 5 by 25%. The credit is the smaller of that amount or $100. Add the two columns on line 9. Part-year residents and nonresidents then apply the Schedule M1NR adjustment on line 10.
Can I complete this schedule if I did not file Schedule M1SA?
Yes. The form directs you to skip lines 2, 3, and 4 and enter the amounts from line 1 on line 5. Your policy must still meet the qualifying requirements.
What if my spouse and I share one policy?
If you file a joint return and both are covered by one policy, use half of the premiums in column A and half in column B. Provide the policy information in the appropriate column for each insured person.
Are there separate instructions for Schedule M1LTI?
No. The form states that there are no separate instructions for Schedule M1LTI.