Schedule M1m - Minnesota Income Additions And Subtractions - 2014 Page 6
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8Line 18
Worksheet for Line 17
Charitable Contributions over $500
If you fi led Schedule M1READ but not Schedule M1ED, you will need to complete Schedule
M1ED lines 7 - 18 to calculate your K-12 Education Subtraction.
If you did not itemize deductions on your
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1 Qualifying Tuition Expenses
federal return, you may be able subtract
2 Qualifying computer expenses not included on line 14 of
50 percent of your total contributions for
Schedule M1ED. Do not enter more than $200. . . . . . . . . . . . . . . . . . .
2
the year over $500. To determine your
Complete steps 3-8 if on Schedule M1ED, line 17 is less than line 16
allowable contributions, you will need
3
3 Line 15 of Schedule M1ED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the instructions for federal Schedule A of
4
4 Line 18 of Schedule M1ED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Form 1040.
5
5 Multiply Step 4 by 1.333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Line 1 of Schedule M1READ. Enter $0 if you did
Complete the following steps to deter-
6
not fi le Schedule M1READ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
mine line 18 of Schedule M1M.
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7 Add steps 5 and 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 Determine your total allowable
8 Subtract Step 7 from Step 3. If $0 or less, enter $0. . . . . . . . . . . . . . . . .
8
charitable contributions you would
Complete steps 9 - 14 if you fi led Schedule M1READ
have been able to enter on lines 16
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9 Line 6 of Schedule M1READ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and 17 of federal Schedule A . .
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10 Line 7 of Schedule M1READ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
11 Multiply Step 10 by 1.333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Th e fi rst $500 of contributions
12
12 Subtract step 11 from step 9. If $0 or less, enter $0. . . . . . . . . . . . . . . . .
$500
do not qualify . . . . . . . . . . . . . .
13
13 Line 1 of Schedule M1READ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Subtract step 2 from step 1 . . .
14 Step 12 or step 13, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
4 Multiply step 3 by 50% (.50).
15
15 Add steps 1, 2, 8, and 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter here and on line 18 . . . .
Enter the amount from step 15 - up to the maximum subtraction amount per child - on Schedule
Line 19
M1M line 17.
Federal Bonus Depreciation Subtrac-
Worksheet for Line 19
tion
You may be eligible to reduce your taxable
If you claimed bonus depreciation as an addition on your 2009 Form M1:
1 Line 3 of your 2009 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
income if you:
2 Net operating loss generated for tax year 2009 (line 25, Schedule A of
• reported 80 percent of the federal
2009 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 2
bonus depreciation as an addition to
3 Subtract step 2 from step 1 (if zero or less, enter 0) . . . . . . . . . . . . . . . . 3
income on your 2009 through 2013
4 Multiply step 3 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Form M1, or
If you claimed bonus depreciation as an addition on your 2010 Form M1:
• received a federal bonus depreciation
5 Line 3 of your 2010 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
subtraction in 2014 from an estate or
6 Net operating loss generated for tax year 2010 (line 25, Schedule A of
trust.
2010 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . . 6
7 Subtract step 6 from step 5 (if zero or less, enter 0) . . . . . . . . . . . . . . . . 7
To determine the amount, see Worksheet
8 Multiply step 7 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
for Line 19 on this page.
If you claimed bonus depreciation as an addition on your 2011 Form M1:
Line 20
9 Line 6 of your 2011 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Section 179 Expensing Subtraction
10 Net operating loss generated for tax year 2011 (line 25, Schedule A of
If you had an addition for increased sec-
20 11 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 10
tion 179 expensing on your 2009 through
11 Subtract step 10 from step 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Multiply step 11 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2013 Schedule M1M, subtract 20 percent
of the total on your 2014 return.
If you claimed bonus depreciation as an addition on your 2012 Form M1:
13 Line 6 of your 2012 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Line 21
14 Net operating loss generated for tax year 2012 (line 25, Schedule A of
Subtraction for Persons 65 or Older
20 12 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 14
or Permanently and Totally Disabled
15 Subtract step 14 from step 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
(Schedule M1R)
16 Multiply step 15 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
You can reduce your taxable income
If you claimed bonus depreciation as an addition on your 2013 Form M1:
if you (or your spouse, if fi ling a joint
17 Line 6 of your 2013 Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
return) were:
18 Net operating loss generated for tax year 2013 (line 25, Schedule A of
20 13 federal Form 1045). Enter as a positive number . . . . . . . . . . . . . . 18
• age 65 or older by the end of 2014, or
19 Subtract step 18 from step 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
• permanently and totally disabled and
20 Multiply step 19 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
received federally taxable disability
If you received a subtraction in 2014 from an estate or trust:
income in 2014. If you did not receive
21 Total of any bonus depreciation subtraction amounts you received
federally taxable disability income, you
as a benefi ciary of an estate or trust (from line 12 of Schedule KF) . . 21
don’t qualify for this subtraction.
Total subtraction
22 Add steps 4, 8, 12, 16, 20 and 21.
If you (or your spouse, if fi ling a joint
Enter here and on line 19 of Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . 22
return) meet the age or disability require-
M1M-4
Continued
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