Fillable Schedule M1c - Other Nonrefundable Credits

2014 Schedule M1C Instructions

Purpose

If you qualify, complete Schedule M1LTI,

your federal adjusted gross income is over

Long-Term Care Insurance Credit. Enter

$30,000, the credit is reduced by 10 percent

Complete Schedule M1C, Other Nonrefund-

the credit on line 1 of Schedule M1C, and

of the amount over $30,000. Veterans with

able Credits, if you or your spouse:

income over $37,500 are not eligible.

include both schedules with your Form M1.

• paid premiums in 2014 for a qualifi ed

Line 2

If your federal adjusted gross income is:

long-term care insurance policy for which

Credit for Past Military Service

• $30,000 or less, enter $750 on line 2 of

you did not receive a full federal tax

If you (and/or your spouse if fi ling a joint re-

Schedule M1C. (If you and your spouse

benefi t;

turn) are a veteran of the military, including

both qualify for the credit and you are fi ling

• are a veteran who has separated from

the National Guard and Reserves, you may

a joint return, enter $1,500.)

service and who served in the military for

each qualify for a credit of up to $750 for past

• between $30,000 and $37,500, use the

at least 20 years, has a 100 percent service

service.

worksheet on this page to determine your

related disability or were honorably

You may qualify if you have been separated

credit amount.

discharged and receive a military pension

from service and:

• more than $37,500, you do not qualify for

or other retirement pay for your service in

this credit.

the military;

• were honorably discharged and receive a

military pension or other retirement pay

• purchased transit passes to resell or give

Continued

for your service in the military;

to your employees;

• had served in the military for at least 20

• paid Minnesota alternative minimum tax

years; or

in prior years and are not required to pay

• have a service-related disability rated by

it in 2014;

the U.S. Department of Veterans’ Aff airs

• invested in a qualifi ed business in East

as being 100 percent total and permanent.

Grand Forks, Breckenridge, Dilworth,

To qualify for the full credit, your federal ad-

Moorhead or Ortonville, and the business

justed gross income (from line 37 of federal

has been certifi ed as qualifi ed for the

Form 1040, line 21 of Form 1040A, line 4 of

SEED Capital Investment Program; and

Form 1040EZ) must be $30,000 or less. If

• were a Minnesota resident for all of part

of 2014 and incurred income tax for

Minnesota and another state, Canadian

province or territory or the District of

Columbia on the same income.

Worksheet for Line 2

Report the total of all credits from Schedule

If your federal adjusted gross income is between $30,000 and $37,500, follow the steps below:

M1C on line 17 of Form M1. Include any

750

1 Th e maximum credit is $750 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

schedules you completed when fi ling your

2 Federal adjusted gross income from line 37 of federal

return.

Form 1040, line 21 of Form 1040A, or line 4 of Form 1040EZ . . . . . . . . . . . . .

Line 1

30,000

3 Income limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Credit for Long-Term Care Insurance

4 Subtract step 3 from step 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Premiums Paid (Schedule M1LTI)

5 Multiply step 4 by 10% (.10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

You may be able to claim a credit against tax

based on premiums you paid in 2014 for a

6 Subtract step 5 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

qualifi ed long-term care insurance policy for

Full-year residents: Enter the result here and on line 2 of Schedule M1C.

which you did not receive a full federal tax

Part-year residents and nonresidents:

benefi t.

7 Enter the percentage from line 25 of Schedule M1NR . . . . . . . . . . . . . . . . . . . .

To qualify, your long-term care insurance

8 Multiply step 6 by step 7.

policy must:

Enter the result here and on line 2 of Schedule M1C . . . . . . . . . . . . . . . . . . . . .

• qualify as a federal deduction (see federal

Schedule A of Form 1040), disregarding

If you and your spouse both qualify for the credit, you are fi ling a joint return, and your fed-

the 7.5 or 10 percent income test; and

eral adjusted gross income is between $30,000 and $37,500, multiply the result on step 6

(or step 8 if you are a part-year resident or nonresident) by 2.

• have a lifetime long-term care benefi t limit

of $100,000 or more.

Th e maximum credit is $100 per person.

Part-year residents and nonresidents may also

be eligible for the credit based on the percent-

age of income taxable to Minnesota.

Schedule M1c - Other Nonrefundable Credits - 2014 Page 2

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