How are medical insurance premiums paid entered so as to reduce household resources for MI Homestead Property Tax Credit calculation?
You can make these entries in the state interview section of the program to ensure they are applied to the MI Homestead Property Tax Credit calculation.
- Select State in the black panel on the left hand side of your screen when logged into TurboTax.
- This will take you to a screen titled Let's get your state taxes done right. Click continue on this screen.
- You will see the screen titled Status of your state returns. Select Edit/Continue to the right of Michigan to review your entries.
- If you have already started your tax return, you can select Edit to the right of Credits and taxes to review your entries as shown in the screen below.
- Be sure to select Homestead Property Tax Credit to review your information and enter your medical insurance premiums.
If you have not started your state return yet, go ahead and go through the screens, until you see the screen titled Take a look at Michigan credits and taxes.
Scroll down to Personal, home, and family credits and select Start to the right of Homestead Property Tax Credit.
You will see a screen asking Do you want to review your total household resources or Total Household Resources? Select yes here to enter you medical insurance premiums.
Continue through the screens and answers the questions as applicable. You will see the screen titled Enter Medical Insurance or HMO Premiums. You will be able to enter your premiums here so they are factored into the calculation for your Homestead credit.
Please see the link below for other items that would be considered household resources for purposes of the homestead property tax credit.
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Thank you for the instructions for recording medical insurance premiums paid. Another alternative is in Federal taxes deductions and credits, go to medical expenses and page to "how much did you spend on insurance premiums?" Entering the amount here carries to the MI state return Total Household Resources Worksheet and ultimately to the MI-1040CR. The proper adjustment to household resources is correctly reflected.