Schedule M1ls - Minnesota Tax On Lump-Sum Distribution - 2014 Page 2
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1
22014 Schedule M1LS Instruction
Who Must File
Line Instructions
Line 11
Tax on Ordinary Income Portion of Lump-
If you received a lump-sum distribution
Round amounts to the nearest whole dollar.
Sum Distribution
from a pension, profi t-sharing or stock
Subtract line 10 from line 6 and enter the
Line 2
bonus plan in 2014, you must fi le Schedule
result on line 11.
Subtraction for Age 65 or Older or
M1LS if both of the following conditions
Disabled
Multiple recipients: If you shared a
apply:
If you completed Schedule M1R, Age 65 or
lump-sum distribution from a qualifi ed
• you fi led federal Form 4972, Tax on
Older/Disabled Subtraction, and line 4 of
retirement plan, follow the steps below to
Lump-Sum Distributions, and
Form M1 is:
determine line 11:
• you were a Minnesota resident when you
• Zero or less, enter the amount from line
1 From the front of this
received any portion of the lump-sum
13 of Schedule M1R on line 2 of Schedule
schedule, subtract
distribution.
M1LS.
line 10 from line 6 . . . . . . . .
You must include Schedule M1LS and a
• More than zero, read the rest of this
2 Enter the percentage from
copy of your federal Form 4972 when you
%
instruction.
box 9a of Form 1099-R . . . .
fi le Form M1.
If line 4 minus line 7 of Form M1 is:
3 Multiply step 1 by the
Part-Year Residents: If you received the
percentage in step 2 . . . . . . .
• Zero or less, assume for purposes of this
full amount of the distribution while you
were a nonresident of Minnesota, you do
line that the actual number is a positive
Enter the result from step 3 on line 11 of
not have to complete Schedule M1LS.
rather than a negative number. Th en,
Schedule M1LS. In the space to the left of
If you received a portion while you were a
compare it (as a positive number) to the
line 11, print “MRD. ”
nonresident and a portion while you were a
amount on line 13 of Schedule M1R and
resident, you must complete Schedule M1LS
enter whichever amount is less on line 2
and include the full amount from federal
of Schedule M1LS.
Form 4972 on your Schedule M1LS.
• More than zero, enter zero on line 2 of
Schedule M1LS.
Five-Year Averaging Method
Even though federal Form 4972 allows you
to use only the ten-year averaging method,
you must use the fi ve-year averaging
method for Minnesota.
Capital Gain Election
Minnesota does not allow a capital gain
election for lump-sum distributions. Th ere-
fore, any capital gain reported on federal
Form 4972, line 6, must be reported as an
addition to federal taxable income on line
12 of Schedule M1M.
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