Schedule M1m - Minnesota Income Additions And Subtractions - 2014 Page 3
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82014 Schedule M1M Instructions
Income Additions and Subtractions
Line Instructions
Worksheet for Line 1
You may have received the addition or
1 Enter the total of amounts from Schedule A,
subtraction as an individual, as a partner
lines 4, 9, 15, 19, 20, 27, and 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
of a partnership, as a shareholder of an S
2 Enter the total of amounts from Schedule A, lines 4, 14 and 20,
corporation, or as a benefi ciary of a trust. If
plus any gambling and casualty or theft losses included on line 28 . .
you are a partner, shareholder or benefi ciary,
3 Is step 2 less than step 1?
the amounts will be reported on the Schedule
No. STOP here and enter zero on Schedule M1M, line 1.
KPI, KS or KF you received from the entity.
Yes. Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions
4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Line 1
5 Enter the amount from federal Form 1040, line 37 . . . . . . . . . . . . . . . .
Limitation on Itemized Deductions
6 Enter: $181,150 ($90,575 if married fi ling separately) . . . . . . . . . . . . .
If your federal adjusted gross income
7 Is step 6 less than step 5?
exceeds the applicable threshold ($90,575
No. STOP here and enter zero on Schedule M1M, line 1.
for married fi ling separate or $181,150 for
Yes. Subtract step 6 from step 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
all other fi lers), you must add back some
8 Multiply step 7 by 3% (.03) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
itemized deductions used in computing
9 Enter the smaller of step 4 or step 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
federal taxable income. See Worksheet for
10 Amount from Form M1, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Line 1 on this page.
11 Add step 9 and step 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Line 2
12 Enter the amount from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Phaseout of Personal and Dependent
Exemptions
13 Enter amount corresponding to your fi ling status:
• Single or married fi ling separately: $6,200
If your federal adjusted gross income
• Head of household: $9,100
exceeds the applicable threshold ($271,750
• Married fi ling jointly or qualifying widow(er): $12,400 . . . . . . . . . .
for married fi ling joint, $226,450 for head
14 Enter number from box 39a on Form 1040.
of household; $181,150 for single and
If no number is listed, enter 0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$135,875 for married fi ling separate), you
15 If single or head of household, multiply step 14 by $1,550
must add back some or all of the exemption
All others, multiply step 14 by $1,200 . . . . . . . . . . . . . . . . . . . . . . . . . . .
amount(s) used to calculate federal taxable
income. See Worksheet for Line 2 on page 2.
16 Add steps 13 and 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 Subtract step 16 from step 12 (if result is zero or less, STOP here
Line 3
and enter zero on Schedule M1M, line 1.) . . . . . . . . . . . . . . . . . . . . . . .
Interest From Municipal Bonds of An-
18 Enter the amount from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
other State or its Governmental Units
19 Compare the amounts on step 11 and step 17.
Of the amount you included or should have
• If step 11 is less than or equal to step 17, subtract step 9 from step
included on line 8b of federal Form 1040 or
18, enter the result here (if married fi ling separately,
Form 1040A, add the interest you received
see instructions below); OR
from municipal bonds issued by:
• If step 11 is more than step 17, subtract step 10 from step 17, then
• a state other than Minnesota, and
subtract the result from step 18. Enter the result here . . . . . . . . . . .
• a local government (such as a county or
20 Enter the amount from federal Form 1040, line 40 . . . . . . . . . . . . . . . .
city) in a state other than Minnesota.
21 Subtract step 19 from step 20. Enter the result here
Line 4
and on Schedule M1M, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federally Tax-Exempt Dividends from
Married couples fi ling separate returns: Each spouse must complete a separate Worksheet
Mutual Funds Investing in Bonds of
for Line 1. If either spouse is required to add back 100 percent of his/her step 9, your addition
Another State
is the lesser of your step 9 or the diff erence between your step 1 and your step 10.
If you included or should have included an
amount on line 8b of federal Form 1040
• If 95 percent or more of the federally
• If less than 95 percent of all federally
or Form 1040A for federally tax-exempt
tax-exempt dividends from a mutual fund
tax-exempt interest dividends from a
interest dividends from a mutual fund, you
came from bonds issued by Minnesota,
mutual fund came from bonds issued by
may have to include some or all of these
only the portion of the dividend generated
Minnesota, all of the federally tax-exempt
dividends on line 4 of Schedule M1M.
by non-Minnesota bonds must be includ-
interest dividend from that fund must be
To determine the amount to include, follow
ed.
included.
Continued
these instructions:
M1M-1
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