Insurance Premium Tax - Minnesota Department of Revenue 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering your FEIN and Business Partner Number at the top of the form. Ensure that all information is accurate to avoid processing delays.
  3. Fill in your name and address details, including city, state, and ZIP code. If you are submitting an amended return, indicate this clearly.
  4. Proceed to the Computation of Insurance Premium Taxes section. Here, input the total premium tax due from Schedule I and any applicable credits against the tax from Schedule III.
  5. Continue filling out each schedule as required, ensuring you follow instructions for calculating taxes due and any credits available.
  6. Review all entries for accuracy before signing the declaration at the bottom of the form. This step is crucial for compliance.

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Reporting on the Form W-2 Employers that are subject to this requirement should report the value of the health care coverage in Box 12 of the Form W-2 PDF, with Code DD to identify the amount.
The Form 1095-A will tell you the dates of coverage, total amount of the monthly premiums for your insurance plan, the second lowest cost silver plan premium that you may use to determine the amount of your premium tax credit, and amounts of advance payments of the premium tax credit.
Look at Part III, column B of your 1095-A, titled Monthly second lowest cost silver plan (SLCSP) premium. It should show figures for each month any household member had the Marketplace plan.
This health insurance write-off is entered on Part II of Schedule 1 as an adjustment to income and transferred to page 1 of Form 1040, which means you benefit whether or not you itemize your deductions.
When are state premium taxes due? State Tax on Life Insurance and Annuity Premium As of January 1, 2023 CA - California 0.50% 2.35% CO - Colorado 0.00% 2.00% FL - Florida 1.00% (tax is absorbed by the insurance co.) 1.00% (tax is absorbed by the insurance co.) ME - Maine no premium tax on qualified monies 2.00%6 more rows
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Report any changes in your income during the year to the Marketplace, so your credit can be adjusted and you can avoid any significant repayments at the end of the year.
Life insurers, the rate is 2 percent on accident and health premiums, and 1.5 percent on life insurance premiums. Mutual property and casualty insurance companies, the rate is: 1.26 percent if they have more than $5 million in assets this year and had less than $1.6 billion in assets on Dec.

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