Schedule M1m - Income Additions And Subtractions - 2011 Page 6
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8Line 19
Worksheet for Line 19
K-12 Education Expense Subtraction
If you qualify for the K–12 education credit (Form M1, line 27), and you cannot use all of your
If in 2011 you purchased educational
education expenses on Schedule M1ED, determine line 19 of Schedule M1M by completing the
material or services for your qualify-
following steps:
ing child’s K–12 education, you may be
1 Qualifying tuition expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
able to subtract qualified expenses from
2 Qualifying computer expenses in excess of $200, up to a maximum of $200 . . .
your taxable income, regardless of your
Complete steps 3–6 if on Schedule M1ED line 17 is less than line 16.
income.
3 Line 15 of Schedule M1ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If your household income is less than the
4 Line 18 of Schedule M1ED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
limits for the K–12 education credit (see
5 Multiply step 4 by 1.333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
instructions for Form M1 line 27 on page
6 Subtract step 5 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 of the M1 instruction booklet), first
7 Add steps 1, 2 and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
complete Schedule M1ED, K–12 Educa-
Enter the result from step 7—up to the maximum subtraction amount per child—on Schedule
tion Credit, to claim the credit for your
M1M, line 19.
qualifying education expenses. Qualifying
expenses not used for the credit and any
If you qualify for the K–12 education
Line 21
tuition expenses that do not qualify for
credit (Form M1, line 27), and you can-
Federal Bonus Depreciation Subtrac-
the credit may be used for the subtrac-
not use all of your education expenses
tion
tion. You cannot claim both a credit and a
on Schedule M1ED, complete Worksheet
You may be eligible to reduce your taxable
subtraction on the same expenses.
income if you:
for Line 19 on this page to determine the
amount you can subtract.
To subtract your education expenses, the
• reported 80 percent of the federal bonus
child must:
depreciation as an addition to income
See Income Tax Fact Sheet #8, K–12 Edu-
on your 2006 through 2010 Form M1,
• be your child, adopted child, stepchild,
cation Subtraction and Credit, for more
or
grandchild or foster child who lived
information.
• received a federal bonus depreciation
with you in the United States for more
Enter your qualifying education expenses
subtraction in 2011 from an estate or
than half of the year;
on line 19. Also enter each child’s name
trust.
• have been in grades K–12 during 2011;
and grade at the time the expenses were
and
paid.
To determine the amount, see Worksheet
• have attended a public, private or home
for Line 21 on page M1M-5.
Line 20
school in Minnesota, Iowa, North Da-
Line 22
Charitable Contributions over $500
kota, South Dakota or Wisconsin.
If you did not itemize deductions and
Section 179 Expensing Subtraction
In addition to the above requirements,
you took the standard deduction on your
If you had an addition for increased sec-
you must have purchased educational
federal return, you may be able subtract
tion 179 expensing on your 2006 through
services or required materials during the
50 percent of your total contributions for
2010 Schedule M1M, you may subtract 20
year to help your child’s K–12 education.
the year over $500. To determine your
percent of the total on your 2011 return.
The types of education expenses that
allowable contributions, you will need
Line 23
qualify for the credit also qualify for the
the instructions for federal Schedule A of
Subtraction for Persons 65 or Older
subtraction. However, certain expenses
Form 1040.
or Permanently and Totally Disabled
qualify only for the subtraction. For ex-
Complete the following steps to deter-
(Schedule M1R)
amples of qualifying education expenses,
mine line 20 of Schedule M1M.
You can reduce your taxable income if you
see page 13 of the M1 instruction booklet.
(or your spouse, if filing a joint return) are:
1 Determine your total allowable
Subtraction Limits
charitable contributions you would
• age 65 or older by the end of 2011, or
The maximum subtraction allowed for
have been able to enter on lines 16
• permanently and totally disabled and
purchases of personal computer hardware
and 17 of federal Schedule A . .
received federally taxable disability
and educational software is $200 per fam-
income in 2011. If you did not receive
2 The first $500 of contributions
ily. You may split qualifying computer ex-
federally taxable disability income, you
do not qualify . . . . . . . . . . . . . .
$500
penses, up to $200, among your children
don’t qualify for this subtraction.
any way you choose.
3 Subtract step 2 from step 1 . . .
If you (or your spouse, if filing a joint
4 Multiply step 3 by 50% (.50).
The maximum amount of education ex-
return) meet the age or disability require-
Enter here and on line 20 . . . .
penses you may subtract is $1,625 for each
ment, check the chart on page 12 of the
child in grades K through 6, and $2,500
M1 instructions to determine if you meet
for each child in grades 7 through 12.
the income requirements.
If you meet all of the eligibility require-
ments, complete and include Schedule
M1R, Age 65 or Older/Disabled Subtraction.
M1M-4
Continued
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