Fillable Schedule M1c - Other Nonrefundable Credits

2017 Schedule M1C Instructions

What’s New?

Line 1

• You were honorably discharged and

receive a military pension or other retire-

Credit for Long-Term Care Insurance Pre-

Recent legislation enacted three new nonre-

ment pay for your service in the military

miums Paid (Schedule M1LTI)

fundable credits available this year:

You may be able to claim a credit against tax

• You had served in the military for at least

• Education Savings Account Contribution

based on premiums you paid in 2017 for a

20 years

Credit

qualified long-term care insurance policy for

• You have a service-related disability

• Credit for Attaining Master’s Degree in

which you did not receive a full federal tax

rated by the U .S . Department of Veterans’

benefit.

Teacher’s Licensure Field

Affairs as being 100 percent total and

permanent

• Student Loan Credit

To qualify, your long-term care insurance

policy must do both of the following:

If your federal adjusted gross income is:

All of these credits require the completion

of an additional schedule . Refer to the line

• qualify as a federal deduction (see federal

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

instructions for more information .

Schedule A of Form 1040), disregarding

Schedule M1C . (If you and your spouse

the income test

both qualify for the credit and you are fil-

Should I file this schedule?

ing a joint return, enter $1,500 .)

• have a lifetime long-term care benefit

Complete Schedule M1C if any of the fol-

limit of $100,000 or more

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

lowing apply to you (and/or your spouse if

worksheet for line 2 to determine your

The maximum Credit for Long-Term Care

filing a joint return):

credit amount .

Insurance Premiums Paid is $100 per person .

• paid premiums in 2017 for a qualified

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

Part-year residents and nonresidents may

this credit .

long-term care insurance policy for which

also be eligible for the credit based on the

you did not receive a full federal tax

You may not claim this credit if you claimed

percentage of income taxable to Minnesota .

benefit

the subtraction for military retirement pay on

If you qualify, complete Schedule M1LTI,

• are a veteran separated from service

Schedule M1M .

Long-Term Care Insurance Credit . Enter

and served in the military for at least 20

Part-year residents and nonresidents may also

the credit on line 1 of Schedule M1C, and

years, has a 100 percent service related

be eligible for the credit based on the percent-

include both schedules with your Form M1 .

disability, or was honorably discharged

age of income taxable to Minnesota .

and receive a military pension or other

Line 2

Line 3

retirement pay for your service in the

Credit for Past Military Service

military and did not claim the subtrac-

Credit for Increasing Research Activities

You qualify for a credit if you (and/or your

Include the total amounts reported to you on:

tion for military pension or other military

spouse if filing a joint return) have separated

retirement pay on Schedule M1M

from service, your federal adjusted gross

•

Schedule KS, line 11;

income (from line 37 of Form 1040, line 21

• purchased transit passes to resell or give

•

Schedule KPI, line 11; and

of Form 1040A, or line 4 of Form 1040EZ)

to your employees

•

Schedule KF, line 19 .

is less than $37,500, you did not claim a sub-

• paid Minnesota alternative minimum tax

traction for military pension or other military

Continued

in prior years and are not required to pay

retirement pay on Schedule M1M, line 32,

it in 2017

and one of the following are true:

• invested in a qualified business in East

Grand Forks, Breckenridge, Dilworth,

Moorhead, or Ortonville, and the busi-

ness has been certified as qualified for the

Worksheet for Line 2

SEED Capital Investment Program

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

• contributed to a qualified education sav-

below:

ings account in 2017 and did not claim

750

1 The maximum credit is $750 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the education savings account subtraction

2 Federal adjusted gross income from line 37 of federal

• were a licensed teacher that completed a

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

qualifying master’s degree program that

30,000

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

you began after June 30, 2017

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

• were a full-year or part-year resident and

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

made eligible loan payments on your own

qualified student loans

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

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

Report the total of all credits from Schedule

M1C on line 18 of Form M1 . Include any

Part-year residents and nonresidents:

schedules you completed when filing your

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

return .

8 Multiply step 6 by step 7 .

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

If you and your spouse both qualify for the credit, you are filing a joint return, and your

federal 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 .

Schedule M1c - Other Nonrefundable Credits - 2017 Page 2

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