Montana Health Insurance for Uninsured Montanans Credit
Extracted from PDF file 2018-montana-form-hi.pdf, last modified May 2017
Health Insurance for Uninsured Montanans CreditClear Form MONTANA HI Rev 04 18 2018 Health Insurance for Uninsured Montanans Credit 15-30-2367 and 15-31-132, MCA Name (as it appears on your Montana tax return) Social Security Number - - OR Federal Employer Identification Number - Part I. Partners in a Partnership or Shareholders of an S Corporation Enter your portion of the health insurance for uninsured Montanans credit here. See instructions. Business Name of Partnership or S Corporation ___________________________________________________ $_____________________ Federal Employer Identification Number - Part II. Qualifications To qualify for this credit, you must answer yes to all of the four statements below. For the period that I am claiming the credit: 1. I have been in business in Montana for at least 12 months...................................................1. Yes No 2. I employ at least 2 but not more than 20 employees who work at least 20 hours per week.....2. Yes No 3. I pay at least 50% of each Montana employee’s insurance premium....................................3. Yes No 4. It has been 36 months or less since I first claimed this credit................................................4. Yes No Part III. Credit Computation. This tax credit is limited to a maximum of 10 employees. Column A Employee 1. Column B Column C Column D Column E Column F Enter the Multiply the Enter the Enter the Multiply the percentage This is your amount in employee’s number of amount in of premiums maximum Column B monthly months each Column A by paid by monthly by the premium employee is the amount you as an credit. amount in amount. insured. in Column E. employer. Column C. % $25 2. % $25 3. % $25 4. % $25 5. % $25 6. % $25 7. % $25 8. % $25 9. % $25 10. % $25 Column G Multiply the amount in Column D by the amount in Column E. Total 1. Multiply the total of Column F by 50% (0.50) and enter the result...............................................................1. 2. Enter the total of Column G..........................................................................................................................2. 3. Enter the smaller of line 1 or line 2. This is your health insurance for uninsured Montanans credit....3. Where to Report Your Credit ► Form 2, Nonrefundable Credits Schedule ► Form CIT, Schedule C ► Form CLT-4S, Schedule II ► Form PR-1, Schedule II If you file your Montana tax return electronically, you do not need to mail this form to us unless we ask you for a copy. When you file electronically, you represent that you have retained the required documents in your tax records and will provide them upon the department’s request. Form HI Instructions I am an employer who paid traditional health insurance premiums for my employees but heard this referred to as a credit for employers who paid disability insurance premiums. Is there a difference? separate Form HI for each entity you are receiving the credit from. Disability health insurance is insurance against the following: To qualify for this credit, you must answer yes to each of the four statements in Part II. ●● bodily injury, bodily disablement or accidental death, or the medical expense or medical reimbursement involved; or ●● bodily disablement or the medical expense or reimbursements resulting from sickness. In essence, disability insurance is the same as “health insurance” and includes any insurance plan offered by an insurance company that provides coverage for the following conditions: ●● personal health, ●● disablement, ●● accidental death, or ●● medical expenses or the reimbursement of these expenses. However, disability insurance does not include workers’ compensation insurance or credit disability insurance. These two types of insurance premiums cannot be used in calculating this credit. What information do I have to include with my tax return when I claim this credit? ●● Individuals. If you are filing a paper return, include a copy of Form HI with your individual income tax return. ●● C corporations. If you are filing a paper return, include a copy of Form HI with your corporate income tax return. ●● S corporations and partnerships. If you are filing a paper return, include Form HI with your Montana information return Form CLT-4S or PR-1 and include a separate statement identifying each owner and their share. You will need to complete a separate Form HI for each source you are receiving the credit from. For example, if you are a partner in one partnership that qualifies for this credit, and you, as an individual, also qualify for this credit, you would need to complete two forms. If you file electronically, you do not need to mail this form to us unless we contact you for a copy. Part I. Partners in a Partnership or Shareholders of an S Corporation If you complete Part I, do not complete Part II or III. Part II. Qualifications Line 1 – You must have been in business in Montana for at least 12 months. Line 2 – You must employ at least 2 but not more than 20 employees who work at least 20 hours a week during the year the credit is claimed. For the purpose of this credit, an employee can be the sole proprietor, a partner in a partnership, or an independent contractor as long as each one of these classes of employees are included as an employee under your employer health benefit plan. If you had seasonal employees that increased your total employee count to more than 20 employees in the year, you are not eligible to claim this credit. However, if your seasonal employees did not increase your employee count to more than 20, you will qualify for this credit as long as you meet all other requirements. If you had employee turnover throughout the year that increased the total number of individuals who worked for you to more than 20, you will still be eligible for the credit as long as your total employee count did not exceed 20 employees at any one time. Line 3 – At least 50% of each employee’s insurance premium must be paid by the employer. The insurance policy must meet the minimum requirements of the Small Employer Health Insurance Availability Act. Line 4 – You cannot claim this credit for a period of more than 36 consecutive months which begins with the first month for which the credit is claimed. In addition, this tax credit cannot be granted to an employer or the employer’s successor within 10 years of the last consecutive credit claimed. Part III. Credit Computation Complete the table in Part III. Please note that there are only 10 lines on the chart because you are not entitled to a tax credit for more than 10 employees. Line 1 – Multiple the total of Column F by 50%. Your credit cannot exceed 50% of the premium cost for each employee. If you received this credit from a partnership or S corporation, you will need to fill out Part I in its entirety. Your portion of the credit can be obtained from the Montana Schedule K-1 that you received from the entity. In addition to reporting your portion of the credit, you will need to provide the partnership’s or S corporation’s name and Federal Employer Identification Number. Line 2 – Enter the total of Column G. If you are a partner or shareholder in more than one partnership or S corporation, you will need to complete a Questions? Please call us at (406) 444-6900 or Montana Relay at 711 for hearing impaired. Line 3 – Enter the smaller of line 1 or line 2. If the amount on this line exceeds your tax liability, you cannot carry back or carry forward any of your unused credit. Administrative Rules of Montana: 42.4.2801 through 42.4.2803
More about the Montana Form HI Corporate Income Tax Tax Credit TY 2018
We last updated the Health Insurance for Uninsured Montanans Credit in March 2019, so this is the latest version of Form HI, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form HI directly from TaxFormFinder. You can print other Montana tax forms here.
Other Montana Corporate Income Tax Forms:
|Form Code||Form Name|
|Form MSA||Montana Medical Care Savings Account|
|Form INA-CT||Affidavit of Inactivity for Corporations, Partnerships and Disregarded Entities|
|Form MT-R||Reciprocity Exemption from Withholding for North Dakota residents who work in Montana|
|CIT||Corporate Income Tax Return (formerly CLT-4)|
|Form NOL||Montana Net Operating Loss|
Montana usually releases forms for the current tax year between January and April. We last updated Montana Form HI from the Department of Revenue in March 2019.
Form HI is a Montana Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Montana Form HI
We have a total of eight past-year versions of Form HI in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Montana Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.