Schedule M1m - Income Additions And Subtractions - 2011 Page 3
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82011 Schedule M1M Instructions
Income Additions and Subtractions
What’s New for 2011?
Additions
Line 3
The amounts you enter on lines 1 through
Phaseout of Personal and Dependent
Minnesota has adopted all of the Internal
16 will be added to your taxable income.
Exemptions
Revenue Code (IRC) changes made to
If your adjusted gross income exceeds
“federal taxable income” from March 18,
Line 2
the applicable threshold ($254,350 for
2010, through April 14, 2011, effective the
Limitation on Itemized Deductions
married filing joint; $211,950 for head
same date as the federal changes.
If your adjusted gross income exceeds the
of household; $169,550 for single; and
Even though all the changes were adopted
applicable threshold ($84,775 for married
$127,175 for married filing separate), you
for the definition of federal taxable
filing separate or $169,550 for all other
are required to add back the amounts
income — which is the starting point on
filers), you are required to add back the
that would have been phased out when
the Minnesota return — the following
amount that would have been limited
determining personal exemptions under
modifications are added to federal taxable
under prior federal law for itemized
prior federal law. See Worksheet for Line 3
income to arrive at Minnesota taxable
deduction. See Worksheet for Line 2 below.
on page M1M-2.
income:
Continued
• the increase in the federal standard
deduction for married taxpayers and
Worksheet for Line 2
those filing as qualifying widow(er);
1 Enter the amount from Schedule A, line 29 . . . . . . . . . . . . . . . . . . . . . . . . . .
• the limitation on itemized deductions;
2 Enter the total of the amounts from Schedule A, lines 4, 14 and 20,
and
plus any gambling and casualty or theft losses included on line 28 . . . . . . .
• the phase out of personal and depen-
3 Is step 2 less than step 1?
dent exemptions.
No. STOP here and enter zero on Schedule M1M, line 2.
Yes. Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In addition, several modifications that
4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Minnesota did not conform to in the past
were fully adopted or no longer apply at
5 Enter the amount from Form 1040, line 38 . . . . . . . . . . . . . . . .
the federal level, beginning with tax year
6 Enter: $169,550 ($84,775 if married filing separately) . . . . . . .
2011. As a result, the following lines have
7 Is step 6 less than step 5?
been removed from Schedule M1M:
No. STOP here and enter zero on Schedule M1M, line 2.
You do not have a line 2 addition.
• the additional standard deduction for
Yes. Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . .
real estate taxes and/or motor vehicle
sales tax;
8 Multiply step 7 by 3% (.03) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Enter the smaller of step 4 or step 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• the educator expenses and college
tuition and fees deduction; and
10 Amount from Form M1, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• discharge of indebtedness income addi-
11 Add step 9 and step 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
tion.
12 Enter the amount from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Enter amount corresponding to your filing status:
Important note: Minnesota continues to
• Single: $5,800
require an 80 percent addback for bonus
• Married filing separately: $4,825
depreciation and section 179 expensing.
• Head of household: $8,500
Line Instructions
• Married filing jointly or qualifying widow(er): $9,650 . . . .
You may have received the addition or
14 Subtract step 13 from step 12 (If result is zero or less, enter zero
here and on step 15. Also enter zero on Schedule M1M, line 2) . . . . . . . . . . . .
subtraction as an individual, as a partner
of a partnership, as a shareholder of an S
15 Compare the amounts on step 11 and step 14.
corporation, or as a beneficiary of a trust.
• If step 11 is less than or equal to step 14, enter step 9 here and on Schedule
M1M, line 2 (if married filing separately, see instructions below); OR
If you are a partner, shareholder or benefi-
• If step 11 is more than step 14, subtract step 10 from step 14
ciary, the amounts will be reported on the
(if result is zero or less, enter zero). Enter the result here and on
Schedule KPI, KS or KF you received from
Schedule M1M, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the entity.
Married couples filing separate returns: Each spouse must complete a separate Work-
sheet for Line 2. If either spouse is required to add back 100 percent of his/her step 9, your
addition is the lesser of:
• your step 9; or
• the difference between your step 1 and your step 10.
M1M-1
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