Schedule M-1m Instructions For 2000
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1Schedule M-1M instructions for 2000
Line instructions
Minnesota in 1983 or 1984, participated in
The deadline for receiving applications
the employer’s pension plan in those
has expired.
Line 6 — Additions taken in 1982,
years, and could not have previously
1983, or 1984 for contributions
Line 10 — Youth Works Post
subtracted contributions on a Form M-1
made to an IRA, Keogh, or SEP
Service Program
prior to 2000.
plan
If you received benefits — such as tuition
You may be eligible for this subtraction if
If you have not started receiving distribu-
reimbursements or student loan payments
you — or your spouse, if filing a joint
tions from the pension plan before
— in 2000 for working in the Minnesota
return — meet both requirements:
January 1, 2000, you should have received
Youth Works Post Service Program, you
a letter from the pension plan in January
can subtract the amount you included in
• on your 1982, 1983, and/or 1984 Form
2001 notifying you of the amount to fill in
your federal taxable income.
M-1 you had to list contributions you
on this line. Be sure to keep this letter
made to an IRA, Keogh, or SEP plan as
On line 10, fill in the amount included in
with your tax records.
additions to your income, and
line 1 of your Form M-1 that you received
If you started receiving distributions prior
for participating in the program.
• you could not have previously sub-
to January 1, 2000, but have not fully
tracted these contributions on a Form
Line 11 — Gain from the sale of
subtracted the contributions on a Form
M-1 prior to 2000.
your farm property included in
M-1 prior to 2000, you will receive a W-2P
your federal adjusted gross income
Line 6a. Add your IRA, Keogh, or SEP
or 1099-R from the pension plan in
You can reduce your taxable income if
plan contributions included on line 3 of
January of 2001 notifying you of the
you received a gain from the sale of farm
your 1982, 1983, and/or 1984 Form M-1,
amount of your subtraction.
property in 2000 and if:
and fill in the total on line 6a.
If you believe you qualify for this subtrac-
• you owned and operated the farm,
Line 6b. Add your previous IRA,
tion but have not received a statement
• your debts were greater than the fair
Keogh, or SEP plan distributions from:
from the pension plan, you must contact
market value of your assets immedi-
the pension plan administrator.
• line 37 of your 1983 Schedule M-1M, or
ately before the sale,
the amount included on line 5 of your
Line 8 — Additions taken in 1981,
• you included the gain from the sale in
1983 Form M-1,
1982, 1983, or 1984 for ACRS
your federal adjusted gross income on
• line 28 of your 1984 Schedule M-1M, or
depreciation on 1981 or 1982 assets
line 33 of your federal Form 1040, and
the amount included on line 7 of your
You can reduce your taxable income if
• you applied the proceeds from the sale
1984 Form M-1,
you meet all of these requirements:
of the property to paying off the
• line 6 of your Schedule M-1M for the
mortgage, contract for deed, or lien on
• you placed depreciable real estate in
years 1985 and 1986,
the property.
service in 1981 and/or 1982,
• line 8 of your Schedule M-1M for the
• you still owned the property on January
If you meet all of the above requirements,
years 1988 through 1994,
1, 2000, and
follow the steps below:
• line 11 of your 1995 Schedule M-1M,
• on your 1981, 1982, 1983 and/or 1984
• line 11 of your 1996 Schedule M-1M, or
1 Amount of your debts immediately
Form M-1 you had to list Accelerated
the amount included on line 6 of your
before the sale.
Cost Recovery System (ACRS) deprecia-
1996 Form M-1,
tion for the real estate as additions to
2 Amount of debt forgiveness that you
• line 13 of your 1997 Schedule M-1M, or
your income.
were permitted to exclude from your
the amount included on line 5b of your
income when you filled out your
To determine the amount to fill in on line 8:
1997 Form M-1,
federal Form 1040.
• line 15 of your 1998 Schedule M-1M, or
1 Amount from line 8 of your 1999
the amount included on line 5b of your
3 Subtract step 2 from step 1.
Schedule M-1M.
1998 Form M-1, and
2 If you placed the real
multiply
4 Fair market value of your assets
• line 6 of your 1999 Schedule M-1M.
estate in service during:
step 1 by:
immediately before the sale.
Also, if you amended your 1987 Form
January or February of 1981 . . . . . 1
5 Subtract step 4 from step 3.
M-1 to get a refund of state tax paid on
March 1981—February 1982 . . . . . 2
6 Amount of gain from the sale that you
distributions you received from an IRA,
March 1982—December 1982 . . . . 3
included on line 33 of Form 1040.
Keogh, or SEP plan, determine the
Fill in the result on line 8 of Schedule M-1M.
amount of those distributions that is
7 Compare step 5 and step 6. Fill in the
included on line 3 of your 1987 Form
smaller amount on line 11.
S corporation shareholders, individual
M-1X, and include on line 6b.
partners, or individual beneficiaries of a trust:
Line 12 — Holocaust settlement
Be sure to include on line 8 any ACRS
Line 6. If line 6b is equal to line 6a (line
payments
depreciation subtractions listed on your
6b should never be more than line 6a),
If you were a victim of racial or religious
Schedule M-KS, M-KPI, or M-KF.
you are not eligible to subtract an amount
persecution by the Nazis during World
for your IRA, Keogh, or SEP plan distri-
Line 9 — Urban Homestead Program
War II, fill in the amount of Holocaust
butions.
settlement payments you received during
If you qualify for a subtraction on line 9,
the year that is included in line 1 of your
you would have received a certification
Line 7 — Additions taken in 1983
Form M-1. Holocaust settlement pay-
under the Urban Homestead Program
or 1984 for contributions made to
ments include payments received under a
from your city or county assessor. Follow
a Minnesota state or local
foreign law, or as a result of a court case
the instructions you received with the
government retirement plan
or insurance claim, including a claim
certification and fill in the amount of your
You are eligible for this subtraction if you
relating to forced labor or a return of
subtraction. You must attach the certifica-
were an employee of the state of Minne-
financial assets.
tion to your Form M-1.
sota or a local subdivision of the state of
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