Schedule M1m - Minnesota Income Additions And Subtractions - 2014 Page 5
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8Line 10
Worksheet for Line 11
Fines, Fees and Penalties Deducted
1 Bonus depreciation from 2001 through 2005 or
on Your Federal Return
2008 through 2013 that was not added back on your Form M1 . . . . . . . . . . . . .
You must add fi nes, fees and penalties
2 Total suspended loss from activity remaining aft er 2013 . . . . . . . . . . . . . . . . . . .
that were deducted as business expenses
3 Subtract step 2 from step 1 (if a negative amount, enter zero) . . . . . . . . . . . . . .
paid to a government entity or nongov-
4 Multiply step 3 by 80% (.80) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ernment regulatory body as a result of a
5 Total of the 80% bonus depreciation addition passed through
violation of law, or the investigation of
to you as a benefi ciary (from line 4 of Schedule KF) . . . . . . . . . . . . . . . . . . . . . .
any potential violation of law. Do not in-
6 Add steps 4 and 5. Enter here and on Schedule M1M, line 11 . . . . . . . . . . . . . . .
clude amounts identifi ed in a court order
or settlement agreement as restitution or
as an amount paid to come into compli-
Include federally taxable interest you
• have been in grades K–12 during 2014;
received from U.S. bonds, bills, notes,
and
ance with the law.
savings bonds and certifi cates of indebt-
• have attended a public, private or home
Line 11
edness, and Sallie Mae bonds, as well
school in Minnesota, Iowa, North Da-
Suspended Loss From Bonus
as any dividends paid to you by mutual
kota, South Dakota or Wisconsin.
Depreciation
funds that are attributable to such bonds,
In addition to the above requirements,
If you are claiming a suspended loss from
reduced by any related investment inter-
you must have purchased educational
2001 through 2005 or 2008 through 2013
est and other expenses deducted on your
services or required materials during the
on your federal return that was generated
federal return relating to this income.
year to help your child’s K–12 education.
by bonus depreciation, and you did not
Also include any net U.S. Government
Th e types of education expenses that
add back 80 percent of the bonus depre-
interest and dividends you received as a
qualify for the credit also qualify for the
ciation in those years, see Worksheet for
partner of a partnership, a shareholder
subtraction. However, certain expenses
Line 11 on this page.
of an S corporation or a benefi ciary of a
qualify only for the subtraction. For ex-
Line 12
trust.
amples of qualifying education expenses,
Capital Gain Portion of a Lump-Sum
see the M1 instruction booklet.
Do not include interest or dividends at-
Distribution From a Qualifi ed Retire-
Subtraction Limits
tributable to Ginnie Mae, Fannie Mae or
ment Plan
Th e maximum subtraction allowed for
Freddie Mac bonds.
If you received a qualifying lump-sum
purchases of personal computer hardware
distribution in 2014 and you chose the
If you received interest from a govern-
and educational soft ware is $200 per fam-
capital gain election on federal Form
ment source not listed, see Income Tax
ily. You may split qualifying computer ex-
4972, enter the capital gain from line 6 of
Fact Sheet #13, U.S. Government Interest.
penses, up to $200, among your children
federal Form 4972. Include a copy of fed-
Line 17
any way you choose.
eral Form 4972 when you fi le your return.
K-12 Education Expense Subtraction
Th e maximum amount of education ex-
Line 13
If in 2014 you purchased educational
penses you may subtract is $1,625 for each
Net Operating Loss (NOL) Carryover
material or services for your qualify-
child in grades K through 6, and $2,500
Adjustment
ing child’s K–12 education, you may be
for each child in grades 7 through 12.
Th e Minnesota Legislature did not adopt
able to subtract qualifi ed expenses from
If you qualify for the K–12 education
the provisions of the Worker, Homeown-
your taxable income, regardless of your
credit (Form M1, line 26) and/or the
ership, and Business Assistance Act of
income.
reading credit (Form M1, line 27), and
2009 (WHBA). Under this Act, taxpayers
Note: If you qualify for the K-12 Educa-
you cannot use all of your education
are allowed to carryback 3, 4, or 5 years
tion Credit and/or the temporary Reading
expenses on Schedule M1ED and/or
an NOL generated in 2008 or 2009. For
Credit, fi rst complete Schedule M1ED
Schedule M1READ, complete Worksheet
federal purposes, any remaining NOL
and/or Schedule M1READ to claim the
for Line 17 on the next page to determine
that was not fully absorbed in the car-
credit(s) for your qualifying expenses (see
the amount you can subtract.
ryback years can be carried forward for
instructions for Form M1 lines 26 and 27
See Income Tax Fact Sheets #8, K–12 Edu-
up to 20 years, beginning in 2010. If you
in the M1 instruction booklet). Qualifying
cation Subtraction and Credit, and #23,
used any of that carryforward on your
expenses not used for the credit(s) and
Reading Credit for more information.
2014 federal return, you must add back
any tuition expenses that do not qualify
Enter your qualifying education expenses
that amount as a positive number on line
for the credit(s) may be used for the sub-
on line 17. Also enter each child’s name
13.
traction. You can’t claim both a credit and
and grade at the time the expenses were
Subtractions
a subtraction on the same expenses.
paid.
Continued
Line 16
To subtract your education expenses, the
child must:
Net Interest From U.S. Bonds
• be your child, adopted child, stepchild,
Interest earned on certain federal obliga-
grandchild or foster child who lived
tions is federally taxable, but exempt from
with you in the United States for more
Minnesota tax.
than half of the year;
M1M-3
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