Schedule M1m - Minnesota Income Additions And Subtractions - 2014 Page 8
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8• gains from the sale or exchange of real
Worksheet for Line 31
or tangible personal property used by a
1 Amount of your debts immediately before the sale . . . . . . . . . . . . . . . . . . .
qualifi ed business located in a zone; or
2 Amount of debt forgiveness that you were permitted to exclude
• gains from the sale of an ownership
from your income when you completed your Form 1040 . . . . . . . . . . . . .
interest in a qualifi ed business.
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Fair market value of your assets immediately before the sale . . . . . . . . . .
If you received JOBZ income as a partner,
5 Subtract step 4 from step 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
shareholder or benefi ciary, these amounts
6 Gain from the sale included on line 37 of Form 1040 . . . . . . . . . . . . . . . . .
are shown on the Schedule KPI, KS or KF
7 Step 5 or step 6, whichever is less.
you received from the entity. Th ere is no
Also enter this amount on Schedule M1M, line 31 . . . . . . . . . . . . . . . . . . .
need for you to complete Schedule JOBZ.
Line 31
Worksheet for Line 37
Gain From the Sale of Farm Property
1 Enter the total of amounts from federal Schedule A,
You can reduce your taxable income if
lines 4, 9, 15, 19, 20, 27, and 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
you received a gain from the sale of farm
2 Enter the number from line 40 of your federal 1040. . . . . . . . . . . . . . . . . .
property in 2014 and:
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• you owned and operated the farm;
4 Enter the amount that corresponds with your fi ling status: . . . . . . . . . . .
- Married fi ling jointly or qualifying widow(er): $12,400
• your debts were greater than the fair
- Single or married fi ling separately: $6,200
market value of your assets immedi-
- Head of household: $9,100
ately before the sale;
5 Enter the amount from line 39a of your 1040 . . . . . . . . . . . . . . . . . . . . . . .
• you included the gain from the sale in
6 Multiply step 5 by $1,200 ($1,550 if your fi ling status is
your federal adjusted gross income on
single or head of household) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
line 37 of federal Form 1040; and
7 Add steps 4 and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• you applied the proceeds from the sale
8 Subtract step 2 from step 7. If $0 or less, enter $0 . . . . . . . . . . . . . . . . . . . .
of the property to paying off the mort-
9 Enter the smaller of step 3 or step 8 here and on line 37.. . . . . . . . . . . . . .
gage, contract for deed, or lien on the
property.
Line 35
Line 33
See Worksheet for Line 31 on this page.
Subtraction for Railroad Maintenance
Net Operating Loss (NOL) from 2008
Line 32
Expenses
or 2009
Post-Service Education Awards Re-
If you claimed a federal credit for railroad
Minnesota did not adopt the provi-
ceived for Service in an AmeriCorps
maintenance expenses on federal form
sions of the Worker, Homeownership,
8900, enter the expenses you were not
National Service Program
and Business Assistance Act of 2009
allowed to deduct because you used them
If you received a post-service education
(WHBA). If you chose this federal op-
to claim the credit.
award, such as tuition reimbursements or
tion, you are limited on your Minne-
Line 37
student loan payments, from the federal
sota return to a carryback period of two
Federal Schedule A
government in 2014 for service in the
years preceding the loss.
If you fi led Federal Schedule A and your
AmeriCorps program, you can subtract
On line 33, enter the amount you are
federal limited itemized deductions were
the amount you included in your federal
carrying forward for 2014 for Minne-
limited to less than the standard deduc-
taxable income. On line 32, fi ll in the
sota purposes.
tion for your fi ling status, use Worksheet
amount you received aft er leaving the
for Line 37 on this page to determine if
program.
For complete information on how to
you are eligible for a subtraction.
determine line 33 and any amount to
Do not include the stipend received while
carry forward, go to our website at
working in the program.
If your education award was used to repay
Line 34
a student loan, and you deducted the
Subtraction for Prior Addback of Re-
student loan interest on line 33 of Form
acquisition of Indebtedness Income
1040 or line 18 of Form 1040A, you must
If you included in this year’s federal
reduce your subtraction by the interest
taxable income any discharge of in-
attributable to the award.
debtedness income from reacquisition
of business debt which you elected to
defer federally in 2009 or 2010 and
included the discharge in Minnesota
taxable income in the prior year, enter
that amount on line 34.
M1M-6
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