Schedule M1m - Income Additions And Subtractions - 2011 Page 4
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8Line 4
Worksheet for Line 3
Interest From Municipal Bonds of An-
1 Is the amount on federal Form 1040, line 38, or Form 1040A, line 22,
other State or its Governmental Units
more than the amount on step 4 below for your filing status?
No. STOP here and enter zero on Schedule M1M, line 3.
Of the amount you included or should
Yes. Continue with step 2.
have included on line 8b of federal Form
1040 or Form 1040A, add the interest you
2 Enter your exemptions from Form 1040, line 42, or Form 1040A, line 26. . . . . . .
received from municipal bonds issued by:
3 Enter amount from Form 1040, line 38, or Form 1040A, line 22 . .
4 Enter the amount provided for your filing status:
• a state other than Minnesota, and
• Single: $169,550
• a local government (such as a county or
• Married filing jointly or qualifying widow(er): $254,350
city) in a state other than Minnesota.
• Married filing separately: $127,175
Line 5
• Head of household: $211,950 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federally Tax-Exempt Dividends from
5 Subtract step 4 from step 3 and enter result here . . . . . . . . . . . . . . .
Mutual Funds Investing in Bonds of
Is step 5 equal to or less than $122,500 ($61,250 if married filing separately)?
Another State
No. You must add back your personal exemption amount. Enter amount from step 2
If you included or should have included
on step 8 and on Schedule M1M, line 3. Do not complete the rest of the worksheet.
an amount on line 8b of federal Form
Yes. Continue with step 6.
1040 or Form 1040A for federally tax-
6 Divide step 5 by $2,500 ($1,250 if married filing separately).
exempt interest dividends from a mutual
If the result is not a whole number, increase it to the next
fund, you may have to include some or all
higher whole number (Example: Increase 0.0004 to 1) . . . . . . . . . . .
.
of these dividends on line 2. To deter-
7 Multiply step 6 by 2% (.02). Enter the result as a decimal . . . . . . . . . . . . . . . . . . . .
mine the amount to include, follow these
8 Multiply step 2 by step 7. Enter result here and on Schedule M1M, line 3 . . . . . .
instructions:
Worksheet for Line 6
• If 95 percent or more of a federally
1 Add line 14 and line 25 of your federal Form 4562* . . . . . . . . . . . . . . . . . . . . . . . . .
tax-exempt dividend from a mutual
fund came from bonds issued by Min-
2 Total of bonus depreciation amounts passed through to you as a partner
(line 5 of Schedule KPI) or as a shareholder (line 5 of Schedule KS) . . . . . . . . . . . .
nesota, only the portion of the dividend
generated by non-Minnesota bonds
3 Add steps 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
must be included on line 2.
4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• If less than 95 percent of the federally
5 Total of the 80% federal bonus depreciation addition passed through
to you as a beneficiary (from line 6 of Schedule KF) . . . . . . . . . . . . . . . . . . . . . . . . .
tax-exempt interest dividend from a
mutual fund came from bonds is-
6 Add steps 4 and 5. Enter here and on Schedule M1M, line 6 . . . . . . . . . . . . . . . . .
sued by Minnesota, all of the federally
* If bonus depreciation included in step 1 or 2 generated a loss in an activity that cannot be de-
tax-exempt interest dividend from that
ducted in 2011 (e.g., a passive activity loss or a loss in excess of basis), you may reduce step 1 or 2 by
fund must be included on line 2.
the amount of loss not allowed from the activity for 2011, up to the bonus depreciation claimed by
the activity. In a future year when the 2011 suspended loss is allowed, you must include the bonus
Line 6
depreciation as an addition. The bonus depreciation is treated as the last suspended loss allowed.
Federal Bonus Depreciation Addition
If you chose the special depreciation al-
Worksheet for Line 7
lowance for qualified property on federal
Recalculate line 12 of your Minnesota Form 4562 using the same information from your
Form 1040, you must add back 80 percent
federal Form 4562 and the following modifications:
of the bonus depreciation to your taxable
• Subtract $475,000 from line 1 of federal Form 4562, and enter the result on line 1 of your Min-
income. See Worksheet for Line 6 on this
nesota Form 4562.
page.
• Enter the amount from line 2 of federal Form 4562 on line 2 of the Minnesota Form 4562.
• Subtract $1,800,000 from line 3 of federal Form 4562, and enter the result on line 3 of your
Line 7
Minnesota Form 4562.
Federal Section 179 Expensing
• Enter the information from lines 6 and 7 of federal Form 4562 on lines 6 and 7 of your Min-
If, during the year, your total invest-
nesota Form 4562. However, if you have section 179 expensing from a flow through entity,
ment in qualifying property was more
use the respective amounts from line 4 of Schedule KPI or line 4 of Schedule KS instead of
than $200,000, or if you elected more
amounts from your federal Schedule K-1.
• Enter line 10 of federal Form 4562 on line 10 of your Minnesota Form 4562.
than $25,000 in section 179 expensing,
• Recalculate lines 4, 5, 8, 9, 11 and 12 of your Minnesota Form 4562. The result on line 12 of
you must add back on your state return
Minnesota Form 4562 cannot be more than line 1 of that form.
80 percent of the difference between the
Determine line 7 of Schedule M1M by completing the following steps:
expensing allowed for federal and for
1 Amount from line 12 from your federal Form 4562 . . . . . . . . . . . . . . . . . . . . . . . . .
state tax purposes. You may subtract the
amount of the addition in equal parts
2 Line 12 of your Minnesota Form 4562 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
over the next five years.
3 Subtract step 2 from step 1(if zero or less, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Multiply step 3 by 80% (.80). Enter here and on Schedule M1M, line 7 . . . . . . . .
Continued
M1M-2
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