Schedule M1m - Income Additions And Subtractions - 2011 Page 8
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8Line 30
Worksheet for Line 31
Organ Donor
1 Foreign taxes paid from federal Form 1116, line 9 . . . . . . . . . . . . . . . . . . .
If, while living, you, your spouse (if filing
2 Federal foreign tax credit from Form 1116, line 22, for the
a joint return), or a dependent donated a
subnational level of a foreign country other than Canada . . . . . . . . . . . . .
human organ to another person, you may
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
be able to subtract your qualified expens-
es. An organ may include all or part of a
4 Tax paid to a subnational level of a foreign country, other than
liver, pancreas, kidney, intestine, lung or
Canada, on income you received while a Minnesota resident . . . . . . . . . .
bone marrow.
5 Step 3 or step 4, whichever is less.
Also enter this amount on Schedule M1M, line 31 . . . . . . . . . . . . . . . . . . .
Qualified expenses are your unreimbursed
expenses for travel and lodging and for
any lost wages net of sick pay due to the
Worksheet for Line 33
transplantation. The maximum amount
you may subtract is your actual qualified
1 Amount of your debts immediately before the sale . . . . . . . . . . . . . . . . . . .
expenses or $10,000, whichever is less.
2 Amount of debt forgiveness that you were permitted to exclude
from your income when you completed your Form 1040 . . . . . . . . . . . . .
Line 31
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Taxes Paid to a Subnational
Level of a Foreign Country
4 Fair market value of your assets immediately before the sale . . . . . . . . . .
If you paid taxes to a subnational level of
5 Subtract step 4 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
a foreign country other than Canada, you
6 Gain from the sale included on line 37 of Form 1040 . . . . . . . . . . . . . . . . .
may be able to subtract the amount you
did not use to claim a federal foreign tax
7 Step 5 or step 6, whichever is less.
credit. A subnational level is the equiva-
Also enter this amount on Schedule M1M, line 33 . . . . . . . . . . . . . . . . . . .
lent of a state of the United States. See
Worksheet for Line 31 on this page.
• your debts were greater than the fair
1040 or line 18 of Form 1040A, you must
Line 32
market value of your assets immedi-
reduce your subtraction by the interest
JOBZ Subtractions
ately before the sale;
attributable to the award.
Individuals who invest in or operate a
• you included the gain from the sale in
qualified business in a Job Opportunity
Line 35
your federal adjusted gross income on
Building Zone (JOBZ) may be able to
Net Operating Loss (NOL) from 2008
line 37 of federal Form 1040; and
subtract certain types of income, to the
or 2009
extent that the income would otherwise
Minnesota did not adopt the provisions
• you applied the proceeds from the sale
be taxable.
of the property to paying off the mort-
of the Worker, Homeownership, and
Business Assistance Act of 2009 (WHBA).
gage, contract for deed, or lien on the
Complete and include Schedule JOBZ,
If you chose this federal option, you are
property.
JOBZ Tax Benefits, if in 2011 you received:
limited on your Minnesota return to a
See Worksheet for Line 33 on this page.
• income from operating a qualified busi-
carryback period of two years preceding
ness in a zone;
Line 34
the loss.
• income for renting real or tangible
Post Service Education Awards Re-
On line 35, enter the amount you are
personal property used by a qualified
ceived for Service in an AmeriCorps
carrying forward for 2011 for Minnesota
business located in a zone;
National Service Program
purposes.
• gains from the sale or exchange of real
If you received a post service education
or tangible personal property used by a
For complete information on how to de-
award, such as tuition reimbursements or
qualified business located in a zone; or
student loan payments, from the federal
termine line 35 and any amount to carry
• gains from the sale of an ownership
forward, go to our website at
government in 2011 for service in the
interest in a qualified business.
AmeriCorps program, you can subtract
the amount you included in your federal
If you received JOBZ income as a partner,
Line 36
taxable income. On line 34, fill in the
shareholder or beneficiary, these amounts
Subtraction for Prior Addback of Re-
amount you received after leaving the
are shown on the Schedule KPI, KS or KF
acquisition of Indebtedness Income
program.
you received from the entity. There is no
If you included in this year’s federal
need for you to complete Schedule JOBZ.
taxable income any discharge of in-
Do not include the stipend received while
working in the program.
debtedness income from reacquisition
Line 33
of business debt which you elected to
Gain From the Sale of Farm Property
If your education award was used to pay
defer federally in a prior year, enter that
You can reduce your taxable income if
for a student loan, and you deducted the
amount on line 36.
you received a gain from the sale of farm
student loan interest on line 33 of Form
property in 2011 and:
• you owned and operated the farm;
M1M-6
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