Schedule M1m - Income Additions And Subtractions - 2011 Page 5
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8If you completed federal Form 4562 to
Worksheet for Line 13
claim the section 179 expensing for federal
1 Bonus depreciation from 2001 through 2005, 2008, 2009 or 2010
tax purposes, you must complete lines 1
that was not added back on your Form M1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
through 12 on a separate federal Form
2 Total suspended loss from activity remaining after 2011 . . . . . . . . . . . . . . . . . . .
4562, (referred to as Minnesota Form 4562
3 Subtract step 2 from step 1 (if a negative amount, enter zero) . . . . . . . . . . . . . .
on the worksheet for line 7) to determine
4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the amount you need to add back for Min-
5 Total of the 80% bonus depreciation addition passed through
nesota purposes. See Worksheet for Line 7
to you as a beneficiary (from line 4 of Schedule KF) . . . . . . . . . . . . . . . . . . . . . .
on page M1M-2.
6 Add steps 4 and 5. Enter here and on Schedule M1M, line 13 . . . . . . . . . . . . . . .
Line 8
State Income Taxes Passed Through
Line Instructions
Line 13
to You as a Partner of a Partnership, a
Suspended Loss From Bonus
Subtractions
Shareholder of an S Corporation or a
Depreciation
Beneficiary of a Trust
The amounts entered on lines 18 through
If you are claiming a suspended loss from
Include your pro rata share of income
37 will be subtracted from your taxable
2001 through 2005, 2008, 2009 or 2010 on
taxes paid by the partnership, S corpora-
income .
your federal return that was generated by
tion, estate or trust that were deducted in
Line 18
bonus depreciation, and you did not add
arriving at the entity’s ordinary income
Net Interest From U.S. Bonds
back 80 percent of the bonus depreciation
or net rental income. This amount, if any,
Interest earned on certain federal obliga-
in those years, see Worksheet for Line 13
will be provided on the Schedule KPI, KS
tions is federally taxable, but exempt from
on this page.
or KF you received from the entity. Do
Minnesota tax.
not include this amount on line 2 of Form
Line 14
Include federally taxable interest you
M1.
Capital Gain Portion of a Lump-Sum
received from U.S. bonds, bills, notes,
Distribution From a Qualified Retire-
Line 10
savings bonds and certificates of indebt-
ment Plan
Expenses Relating to Income Not
edness, and Sallie Mae bonds, as well
If you received a qualifying lump-sum
Taxed by Minnesota, Other Than From
as any dividends paid to you by mutual
distribution in 2011 and you chose the
U.S. Bond Obligations
funds that are attributable to such bonds,
capital gain election on federal Form
If you deducted expenses on Schedule
reduced by any related investment inter-
4972, enter the capital gain from line 6 of
A of Form 1040 that are attributable to
est and other expenses deducted on your
federal Form 4972. You must include a
income not taxed by Minnesota (income
federal return relating to this income.
copy of federal Form 4972 when you file
reported on lines 24 through 29 of Sched-
your return.
Also include any net U.S. Government
ule M1M), you must add those expenses
interest and dividends you received as a
to your taxable income. Enter amounts on
Line 15
partner of a partnership, a shareholder
line 10.
Net Operating Loss (NOL) Carryover
of an S corporation or a beneficiary of a
Adjustment
Do not include expenses that are attribut-
trust.
The Minnesota Legislature did not adopt
able to interest or mutual fund dividends
the provisions of the Worker, Homeown-
Do not include interest or dividends at-
from U.S. bonds. For information on how
ership, and Business Assistance Act of
tributable to Ginnie Mae, Fannie Mae or
to report these expenses, see line 18 on
2009 (WHBA). Under this Act, taxpayers
Freddie Mac bonds.
this page.
are allowed to carryback 3, 4, or 5 years
Line 12
If you received interest from a govern-
an NOL generated in 2008 or 2009. For
ment source not listed, see Income Tax
Fines, Fees and Penalties Deducted
federal purposes, any remaining NOL
Fact Sheet #13, U.S. Government Interest,
on Your Federal Return
that was not fully absorbed in the car-
or contact the department.
You must add fines, fees and penalties
ryback years can be carried forward for
that were deducted as business expenses
up to 20 years, beginning in 2010. If you
Continued
paid to a government entity or nongov-
claimed the deduction in 2011, you must
ernment regulatory body as a result of a
add back the federal NOL amount as a
violation of law, or the investigation of
positive number on line 15.
any potential violation of law. Do not in-
clude amounts identified in a court order
or settlement agreement as restitution or
as an amount paid to come into compli-
ance with the law.
M1M-3
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